We have a problem with the sale of the property that had been our principal residence for more than 2 of the previous 5 years.
I think someone was referring to the sale portion of the home. If you meet the requirements for excluding the gain, then you do not have a taxable transaction. However, you would still need to file a schedule E to report the income and expense related to the time you rented the property. You need Premier or higher to do that.
We have a problem with the sale of the property that had been our principal residence for more than 2 of the previous 5 years.
I think someone was referring to the sale portion of the home. If you meet the requirements for excluding the gain, then you do not have a taxable transaction. However, you would still need to file a schedule E to report the income and expense related to the time you rented the property. You need Premier or higher to do that.
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