My husband and I got married in 2015. We both owned houses and lived in them as our primary residence through 2016. (I had lived in mine for 9 years and he had lived in his for 4 years since purchasing). In 2017, we rented my house and moved into his house as our primary residence. We want to sell both houses and upgrade to a different house this year. We meet ownership and residence requirements, individually for both houses. If we sell both in the same year, will that impinge on the look back requirement? Could we still qualify for the gain exclusion if we change our filing status to married, filing separately?
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The response indicates that it can be done using the single (not married filling joint) exclusion of $250,000 each. How to you do this in Turbo Tax? Turbo Tax does not appear to allow me to claim 2 homes while filing Married-joint.
when each spouse sells a home they own and each meets the ownership, use, and frequency tests, each spouse may exclude up to $250,000. Any exclusion not used by one spouse can not be used by the other.
sale of two primary residences can be done in Turbotax. Two home sale worksheets are required if you meet the criteria. You should come to a line that says something like "Maximum exclusion due to separate dispositions" enter $250,000 for each home
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