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Sales of a home $5000 exemption

B_A
Level 1

The client sold her  home, her husband died in 2019. Capital gain 539K. Isn't  she suppost to get the $5000 exemption on her tax?

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Just-Lisa-Now-
Level 15
Level 15

Theres a 250k exclusion per person when you sell your principal residence if youve lived in it for 2 out of the last 5 years...is that what youre asking about?

Research IRC Section 121


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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Just-Lisa-Now-
Level 15
Level 15

Theres a 250k exclusion per person when you sell your principal residence if youve lived in it for 2 out of the last 5 years...is that what youre asking about?

Research IRC Section 121


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
BobKamman
Level 15

No, I think the question asks about the $5K widow's exemption that was repealed in 1996. 

 

You can't get the message to all of the people, all of the time.  

IRonMaN
Level 15

1996 vs 2019 - that's pretty close.  Maybe the IRS will let it slide this year.   I wonder if they would be better off income averaging (as long as we are opening obsolete tax laws 😉 )


Slava Ukraini!
Just-Lisa-Now-
Level 15
Level 15
I just had someone ask me about income averaging last week!

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
BobKamman
Level 15

They wouldn't have to income average if they would just reinvest.  

George4Tacks
Level 15

Hi there,

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Cheers!

 


Here's wishing you many Happy Returns
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B_A
Level 1

Hi Lisa,

Yes, that's what I was researching! I typed 5k instead of 500k. I got it now!

Thank you!

 

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B_A
Level 1

Thank you !!

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