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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16575
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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"Taxable Gain on Sale of Home"

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I'm figuring out the "Taxable Gain on Sale of Home". I moved to California two and a half years ago, renting my house out when I left. I'm now selling my house. In IRS publication 523 it states: >>>>>>>>>> Exceptions. A period of nonqualified use does not include: Any portion of the 5-year period ending on the date of the sale or exchange after the last date you (or your spouse) use the property as a main home; >>>>>>>>>> So, does that mean that I shouldn't count the past 2.5 years of renting out the house after my move as "non-qualified" use?


 


At this link:


http://www.revenue.wi.gov/faqs/pcs/salhom.html#salhom4


It says that I have to take into account the depreciation I claimed, but I'd still have a 250K exclusion in my situation. Is that true?


MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

How are you today

MyVirtualCPA :

You are correct, the 2.5 years does not count as "nonqualified use"

Customer:

Great! Thanks!

MyVirtualCPA :

You're welcome

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