How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29975
Experience:  Taxes, Immigration, Labor Relations
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

1)I file MFJ.I bought a house on 2003 and I was living in that

Customer Question

1)I file MFJ.I bought a house on 2003 and I was living in that house till 2012. I put it on rent from 2012 and sold it out in 2015 with gain of 500,000. Also, I have passive losses on the same rental property. Can I offset my gain against my passive losses. Can I exclude any part of the gain as I used the house for 10 year as my primary residence. Thanks
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
First of all - you might be eligible to exclude some of the gain realized on teh sale of your house IF the property was used as your primary residence at least tow our of last five years before the sale.So to be precise o we need to verify- the exact date when you moved out from the house - and it stopped to be your primary residence, and- the sale date.We need to verify if two years requirement is satisfied.
Expert:  Lev replied 1 year ago.
Expert:  Lev replied 1 year ago.
Let me know if you still need any help or clarification.