You'll need to sign in or create an account to connect with an expert.
@nnoonkester wrote:
Can I pay capital gains on the 46k and use the exclusion for this home sale?
Yes, you can.
Per Section 121(b)(3), the limitation is applicable to one sale every two years.
Thus, you can choose the sale to which you want to apply the exclusion.
Even tho we have only owned and lived in this home for 1 year? I read somewhere we needed to be here for at least two is that the case?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
fanfare
Level 15
maylh
Level 1
obeteta
New Member
Rocketman1963
New Member
nelliecruise
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.