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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16559
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Is there any way for a taxpayer to exclude the gain she had

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Is there any way for a taxpayer to exclude the gain she had on the sale of a primary residence that she only lived in for 1 out of the last 5 years.

MyVirtualCPA :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

MyVirtualCPA :

How are you today?

MyVirtualCPA :

If you had to leave your primary residence for work, because of illness, or unforeseen circumstances you may be able to exclude a portion of your gain.

MyVirtualCPA :

So, in your case if you met the criteria you could exclude up to $125,000 - $250,000 if married filing jointly

MyVirtualCPA :

Here is a great article that explains all of this: http://www.tscpa.com/content/files/tscpa/Journal/articles/home_sale_gains.pdf

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Is there any additional questions you have for me today?

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If not, please rate my response as "excellent" so that I may receive credit for assisting you today

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