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August 25, 2024
Question

Partial Exclusion Capital gains tax

  • August 25, 2024
  • 1 reply
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In 2007, I bought a property in Colorado as my primary residence. After 1.5 years (2009), I had to relocate to California for a job; the Colorado property became a rental property. Since 2009, I moved to different states / countries due to job assignments. I plan to sell my colorado property which i bought in 2007 - do I qualify for partial exclusion of cap gains ? And which part of Turbotax premier can i do this? Thank you

1 reply

August 25, 2024

based on what you provided you are not entitled to any home sale exclusion. You do not meet the rule that it was your principal residence in any 2 out of 5 years before the sale. 

 

you'll report the sale of the property in the section in Turbotax that you report the rental - in the asset detail worksheets.