AV1
Level 1
12-06-2019
05:09 PM
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I am trying to figure out if a partial capital gain exclusion is applicable in this case:
TP Purchased a primary residence in Jan. 2001. Lived in the residence until July 2005. Moved due to military PCS and converted the residence to a rental property. Never came back to the residence and sold in September of 2018.
I accounted for the 10 year suspension period which took the "sale" date back to Sep. 2008. The 5 year test period goes back to Sep. 2003. TP does not meet the 24month residency requirement (short by two months). Does a partial exclusion apply in this case? If so, is work-related move would be considered the basis for the partial exclusion?
Thank you.
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