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February 13, 2023
Question

Sale of second home where adult child lived for two years

  • February 13, 2023
  • 2 replies
  • 0 views

We have a second home that we owned for two years and are now selling. Our adult child was the only resident during this period.  When we sell, can we use any of our exemption on gain of home?  On the basis that it was occupied by immediate family member for the two years...

2 replies

Employee
February 13, 2023

There is no exemption for immediate family. 

DoninGA
Employee
February 13, 2023

There is no exclusion of gains when you sell a second home, with or without a relative living in the second home.