Question

sale of home exclusion

Forum|Forum|5 years ago
May 8, 2021
2 replies
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I'm married filing jointly but for some reason it's telling me I owe capital gains on $271k from the sale of the house. We meet all the criteria (been in it more than 2 of the last 5 years, no business use or depreciation, etc.) not sure why it's not giving me the full $500k exclusion. Appreciate any insights.

Critter-3

First you do not need to fill out that section at all if you did not get a 1099-s from the closing. If you did get that form then go back to the home sales section and review all of your entries because you must have entered something wrong to get the results you have. You may wish to delete that section and start over.

M

Mike9241

most likely an entry error but a possibility is that either you or your spouse used the exclusion on a sale of a previous principal residence within 2 years of the present sale.