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Christopher B, Esq.
Christopher B, Esq., Tax Attorney
Category: Tax
Satisfied Customers: 2677
Experience:  associate attorney
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My question regards sale of a house. The house is my wife's,

Customer Question

My question regards ***** ***** a house. The house is my wife's, we were married on 31 July 2015. We rented her house in 2012, 2013, 2014 and part of 2015. Sold the house 23 June 2015. She owned the house from September 2004. How does this house get reported for 2015 tax purposes. We got a 1099-S when we sold the house. I am using the H&R Block tax preparation program and having trouble with this portion of the taxes.
Submitted: 9 months ago.
Category: Tax
Expert:  Christopher B, Esq. replied 9 months ago.

My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

In order to qualify for the $250,000 exemption on the sale of your house, this would have to have to be your primary residence. It would have to have been your primary residence for 2 of the past 5 years and per your facts you would not qualify. Therefore you would be taxed on the house as a long terms capital gain. You would need to calculate your basis (the amount you bought the house for minus any tax deductions you took for depreciation,etc. This can get complicated). Your gain would be the amount of sale minus your bases and it should be a long termine capital gain.

Please let me know if you have any further questions and please positively rate my answer if satisfied. There should be smiley faces or numbers from 1-5 to choose from. This extra step will cost you nothing extra and will ensure that I will be compensated for my time by the site.

Expert:  Christopher B, Esq. replied 9 months ago.

Just checking back in, do you have any further questions?

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