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Ownership and use test for selling home. Have two homes both…

Ownership and use test...

Ownership and use test for selling home

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Have two homes both owned for over 5-years and use equally as principle residence. Will sale of one home be eligible for $500,000 exclusion

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Answered in 2 minutes by:
3/21/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,391
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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That depends. You really need to define which is your true main home.

Although the amount of time that you spend in your home is a good indicator of whether it is your personal residence, it is not the sole point.

Other factors can include such items as: your place of employment; where your family lives; addresses on correspondence and tax returns; where you maintain your banking relationships. Where you vote, the address on your driver’s license and the property on which you claim a property tax exemption also might help resolve the personal residence question.

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Did that clarify your situation?

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Customer reply replied 5 months ago
thanks

You are most welcome.
A positive 5 star rating is appreciated so I am credited for assisting.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,391
Experience: 15years with H & R Block. Divisional leader, Instructor
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