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owascolake1
New Member

House sale - Multiple capital gain exclusions

I sold my house for $132k and did not receive 1099-S. I do not complete the for 523 and the capital gains exclusion will apply if I sell my new house several years in the future, correct?

1 Best answer

Accepted Solutions
Coleen3
Intuit Alumni

House sale - Multiple capital gain exclusions

You can exclude the sale and exclude yet another sale, if the time periods allow. The time period is only two years. If you do not think you will meet the time qualification, you can forgo it now, which will allow you to take it later.

How your sale qualifies.   Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met.

  • You owned the home and used it as your main home during at least 2 of the last 5 years before the date of sale.
  • You didn’t acquire the home through a like-kind exchange (also known as a 1031 exchange), during the past 5 years.
  • You didn’t claim any exclusion for the sale of a home that occurred during a 2-year period ending on the date of the sale of the home, the gain from which you now want to exclude.

View solution in original post

1 Reply
Coleen3
Intuit Alumni

House sale - Multiple capital gain exclusions

You can exclude the sale and exclude yet another sale, if the time periods allow. The time period is only two years. If you do not think you will meet the time qualification, you can forgo it now, which will allow you to take it later.

How your sale qualifies.   Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met.

  • You owned the home and used it as your main home during at least 2 of the last 5 years before the date of sale.
  • You didn’t acquire the home through a like-kind exchange (also known as a 1031 exchange), during the past 5 years.
  • You didn’t claim any exclusion for the sale of a home that occurred during a 2-year period ending on the date of the sale of the home, the gain from which you now want to exclude.

View solution in original post

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