We bought our primary residence in 1988 for $132,500, sold it in 2018 for $280,00 but have to pay a capital gains tax. Why did we not get the $500,000 exclusion?

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It qualifies for the exclusion, and you need to mark it as such if you lived in it at least 2 of the last 5 years. However, if you rented the home in the past, you are still subject to tax on depreciation recapture (Section 1250), even though the gain itself is not taxed for capital gains tax.

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I am trying to complete my non-resident state return. I don't see my contract and straddles in capital gain and losses summary, but I see it in income and deduction page.

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We bought our primary residence in 1988 for $132,500, sold it in 2018 for $280,00 but have to pay a capital gains tax. Why did we not get the $500,000 exclusion?

We bought our primary residence in 1988 for $132,500, sold it in 2018 for $280,00 but have to pay a capital gains tax. Why did we not get the $500,000 exclusion?

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We bought our primary residence in 1988 for $132,500, sold it in 2018 for $280,00 but have to pay a capital gains tax. Why did we not get the $500,000 exclusion?

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We bought our primary residence in 1988 for $132,500, sold it in 2018 for $280,00 but have to pay a capital gains tax. Why did we not get the $500,000 exclusion?

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