hogansd
Level 1
02-12-2021
02:28 PM
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1041 Program doesn't allow residence gain exclusion in 1099S entries.
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3 Comments 3
hogansd
Level 1
02-12-2021
03:21 PM
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Revocable living trust,, Grantor dies in 2020.
Was residence up to her death. Sold by trust.
Beleive it qualifies for exlcusion 121-1-(c)(3)(i) and furhter research support this treatment.
Thanks for reply.
BobKamman
Level 15
02-12-2021
04:10 PM
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If it was sold after her death, you would get stepped-up basis and it's unlikely there would be any gain after selling expenses.
There is no "-1" to Code Section 121, and there's no (c)(3). Maybe you're looking at Regulations.