Hello,
I'm a US citizen but lived in the UK for 10 years. In Nov 2016 we bought a home in the UK. In September 2019 I was sent back to the US on a secondment for work. We expected to return to the UK so didn't sell the home. Due to covid I remained in the US and my secondment was extended to 2023. We decided then to sell the UK home which we rented from Sept 2019-June 2023. We sold it in June 2023.
Because I was relocated for work reasons, and I have a letter detailing the conditions of my secondment and that I was still employed by the UK office, can I ask for a partial exemption as we, unfortunately, sold it a bit too l ate to qualify for the two years in residence during last 5 years.
What proof do I need to provide and what forms should I use? And can Turbo Tax help me with this exclusion and calculation? Or should I see a tax professional as it relates to international sales, too.
Thank you!
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TurboTax will help you with the home sale exclusion and calculations, but you stated that you rented the property from September, 2019 through the date of the sale in June of 2023.
Have you been reporting your rental income and expenses (including depreciation) for the tax years during which the property was being used for rental purposes?
Yes, I have reported all rental income, expenses and depreciation. Although I may not have done depreciation in 2019 as I wasn't aware of it. But have done since 2020 taxes.
Thanks!
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