Welcome back! Ask questions, get answers, and join our large community of tax professionals.
  • Products
  • Workflow Tools
  • Learn & Support
  • Sign In
  • Products
  • Workflow Tools
  • Contact Us
  • Sign In
  • Learn & Support
    • cancel
    Turn on suggestions
    Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
    Showing results for 
    Search instead for 
    Did you mean: 

    Can someone who sold their farm with house qualify for the $150000 capital gains exclusion?

    paulaandtommy
    Level 1
    ‎12-07-2019 06:32 AM
     
    0 Cheers

    This discussion has been locked. No new contributions can be made. You may start a new discussion here

    1 Solution

    Accepted Solutions
    abctax55
    Level 15
    ‎12-07-2019 06:32 AM

    I am not aware of any $ 150,000 capital gain exclusion.  NMI.

    "*******Tax software is no substitute for a professional tax preparer*******
    ( Generic Comment )"

    View solution in original post

    0 Cheers
    8 Comments 8
    abctax55
    Level 15
    ‎12-07-2019 06:32 AM

    I am not aware of any $ 150,000 capital gain exclusion.  NMI.

    "*******Tax software is no substitute for a professional tax preparer*******
    ( Generic Comment )"
    0 Cheers
    IRonMaN
    Level 15
    ‎12-07-2019 06:32 AM
    I thought maybe it was one of those trick farm questions I know nothing about :wink::wink:

    Slava Ukraini!
    0 Cheers
    abctax55
    Level 15
    ‎12-07-2019 06:32 AM
    It may very well be....I'm not the farmin' expert.
    As I said, NMI
    "*******Tax software is no substitute for a professional tax preparer*******
    ( Generic Comment )"
    0 Cheers
    itonewbie
    Level 15
    ‎12-07-2019 06:32 AM
    Gee, you got all these acronyms I need a new age dictionary. :joy::joy:
    ---------------------------------------------------------------------------------
    Still an AllStar
    0 Cheers
    abctax55
    Level 15
    ‎12-07-2019 06:32 AM
    That's what Google is for :stuck_out_tongue_winking_eye::stuck_out_tongue_winking_eye:
    "*******Tax software is no substitute for a professional tax preparer*******
    ( Generic Comment )"
    0 Cheers
    itonewbie
    Level 15
    ‎12-07-2019 06:32 AM
    :joy: :+1::joy: :+1:
    ---------------------------------------------------------------------------------
    Still an AllStar
    0 Cheers
    TaxGuyBill
    Level 15
    ‎12-07-2019 06:32 AM

    As was pointed out, the Principal Residence and the associated personal-use land can potentially qualify for the $250,000/$500,000 Principal Residence exclusion.

    Things that are not part of the Principal Residence, such as business/farm buildings and business/farmland would not be eligible.

    0 Cheers
    abctax55
    Level 15
    ‎12-07-2019 06:32 AM

    There IS a $ 250/500,000 exclusion for the sale of a qualified principal residence. 

    Is that what you are talking about?  If so, how has the farm house been treated in prior years?

    "*******Tax software is no substitute for a professional tax preparer*******
    ( Generic Comment )"
    0 Cheers
    Intuit Lacerte Tax
    Intuit ProConnect Tax
    Intuit ProSeries Tax
    Additional Accounting Solutions
    Tax Pro Center
    Tax Practice Resources
    Call sales: 844-877-9422
    Sitemap

    ©1997-2024 Intuit, Inc. All rights reserved.

    Intuit, QuickBooks, QB, TurboTax, and Mint are registered trademarks of Intuit, Inc. Terms and conditions, features, support, pricing and service options subject to change without notice.

    By accessing and using this page you agree to the Terms and Conditions.

    About Cookies | Manage Cookies
    Legal Privacy Security