CVTS
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12-07-2019
05:26 AM
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Homesale Worksheet Section B, checked yes for Unforeseen Circumstances but ProSeries is still calculating capital gain.
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Just-Lisa-Now-
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12-07-2019
05:26 AM
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Even with the stepped up basis for the co-owner that died?
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sjrcpa
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12-07-2019
05:26 AM
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There is no exlusion if there is a gain on the sale of a second home.
Ex-AllStar
Ex-AllStar
CVTS
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Thank you
CVTS
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12-07-2019
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Just Lisa Now - So the setup for the owner that died would be FMV, correct?
sjrcpa
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times that owner's percent of ownership.
Ex-AllStar
Ex-AllStar
CVTS
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thank you
TaxGuyBill
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12-07-2019
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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.