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Sale of Home- 2 year use requirement
11/3/09 9:35 AM, Viewed by asker 11/3/09 10:46 AM
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Total Views: 46
Taxpayer sold Massachusetts' home in October 2009. However, in January 2006, taxpayer became a Florida resident. However, taxpayer continued to live in Massachusetts home for more than 6 months each year until home was sold in October 2009. Can taxpayer still utilize $250,000 gain exclusion on the sale of the Massachusetts home?
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Solved!
11/3/09 10:28 AM
Under the 2-of-5 rule, you have a lookback period that extends to 10/04. If he lived in the place for a total of two years between 10/04 and 10/09, then he gets the exclusion.
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Inside of a dog, it's too dark to read.
~Groucho Marx
