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February 15, 2024
Question

How to claim the $250000 capital gain deduction for selling a house if?

  • February 15, 2024
  • 1 reply
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How to claim the $250000 capital gain deduction for selling a house if tax and driver's license address was never updated?

So my aunt moved from her daughter's house in California to a house she owns in Nevada, but didn't update her tax address and driver's license address to Nevada, but did file a homestead for this Nevada house. This Nevada house is the only house she owns. If she wants to sell her house in Nevada after living there for the past 3 years, can she get the $250000 capital gain deduction?

1 reply

February 15, 2024

to get the $250K exclusion she must own it and use it as her principal residence for any two years in the 5 years prior to sale.