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carebear7951
New Member

Why do we not qualify for an exemption on the sale of our home (from capital gains)? We lived there for almost 12 years?

 
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LisaBr
New Member

Why do we not qualify for an exemption on the sale of our home (from capital gains)? We lived there for almost 12 years?

If you lived in your home 2 of the last five years, you obviously meet this criteria, then $250,000 of gain is tax free.  If you file married filing joint, then $500,000 is tax-free.

If you met both of these conditions, you will need to review your entries on the sale.  Make sure you have entered that this was your primary residence.  You may have inadvertently entered an incorrect date for your occupancy or checked a box that excluded you.  This area is intense and it's easy to miss something or answer a question incorrectly.  Pay special attention to the original cost and figures entered for accuracy. 

The following information may be helpful with this exclusion from capital gains:

https://turbotax.intuit.com/tax-tips/home-ownership/tax-aspects-of-home-ownership-selling-a-home/L6t...

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1 Reply
LisaBr
New Member

Why do we not qualify for an exemption on the sale of our home (from capital gains)? We lived there for almost 12 years?

If you lived in your home 2 of the last five years, you obviously meet this criteria, then $250,000 of gain is tax free.  If you file married filing joint, then $500,000 is tax-free.

If you met both of these conditions, you will need to review your entries on the sale.  Make sure you have entered that this was your primary residence.  You may have inadvertently entered an incorrect date for your occupancy or checked a box that excluded you.  This area is intense and it's easy to miss something or answer a question incorrectly.  Pay special attention to the original cost and figures entered for accuracy. 

The following information may be helpful with this exclusion from capital gains:

https://turbotax.intuit.com/tax-tips/home-ownership/tax-aspects-of-home-ownership-selling-a-home/L6t...

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