Question

Where do i tell turbo tax that the sale my home, only used as a rental for 4 months out of the 31 months i owned it is exempt from capital gains except for the depr taken

Forum|Forum|7 years ago
June 1, 2019
1 reply
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i can't find what income section to use it so it knows it qualifies for the capital gain exemption

TurboTax Deluxe Windows

Employee

You need to have owned the property for 5 years and the lived there for the last 2 years to be exempt. Sounds like you come up short on the 5 year requirement.

S

SweetieJean

Employee

No. You must have owned and lived in for 2 of the past 5 years. You do not have to own for 5 years.
<a rel="nofollow" target="_blank" href="https://www.irs.gov/taxtopics/tc701">https://www.irs.gov/taxtopics/tc701</a>