CVTS
Level 3

Homesale Worksheet Section B, checked yes for Unforeseen Circumstances but ProSeries is still calculating capital gain.

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Just-Lisa-Now-
Level 15
Level 15
Even with the stepped up basis for the co-owner that died?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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sjrcpa
Level 15
There is no exlusion if there is a gain on the sale of a second home.

Ex-AllStar
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CVTS
Level 3
Thank you
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CVTS
Level 3
Just Lisa Now - So the setup for the owner that died would be FMV, correct?
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sjrcpa
Level 15
times that owner's percent of ownership.

Ex-AllStar
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CVTS
Level 3
thank you
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TaxGuyBill
Level 15

As Susan pointed out, the "Unforeseen Circumstances" is for the sale of a home that was the taxpayer's Principal Residence, but that taxpayer used it for less than the required 2 years due to "Unforeseen Circumstances".

Was this home the taxpayer's Principal Residence?  If not, it does not qualify for an exclusion.

View solution in original post

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