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New Member
posted Jun 3, 2019 12:06:20 PM

In August 2016 I sold my last house in October 2016 I bought this house if I sell this house now is it considered capital gains or can I keep the profit?

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1 Best answer
Level 1
Jun 3, 2019 12:06:21 PM

Yes, if you now sell your home you bought in October, 2016, and you have lived in this home since it was purchased, you qualify for the home sale exclusion from capital gains.

You must have resided in the home 2 of the last 5 years to qualify. You met this test in October, 2018.

Follow this link for more information: Home Sale Exclusion

2 Replies
Level 1
Jun 3, 2019 12:06:21 PM

Yes, if you now sell your home you bought in October, 2016, and you have lived in this home since it was purchased, you qualify for the home sale exclusion from capital gains.

You must have resided in the home 2 of the last 5 years to qualify. You met this test in October, 2018.

Follow this link for more information: Home Sale Exclusion

New Member
Jun 3, 2019 12:06:23 PM

Can anyone explain the steps of how to enter this into turbo tax? I lived in house 2 of 5 years prior to selling in 2018 and it is within the 250k single / 500k married limit. So we definitely qualify for the exclusion but Turbo tax does not seem to be excluding it.