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

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Level 15

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

Former Chump... umm.... AllStar.
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Level 15

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

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches

View solution in original post

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Level 15
I thought maybe it was one of those trick farm questions I know nothing about :wink::wink:
ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Level 15
It may very well be....I'm not the farmin' expert.
As I said, NMI
Former Chump... umm.... AllStar.
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Level 15
Gee, you got all these acronyms I need a new age dictionary. :joy::joy:
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Still an AllStar
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Level 15
That's what Google is for :stuck_out_tongue_winking_eye::stuck_out_tongue_winking_eye:
Former Chump... umm.... AllStar.
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Level 15
:joy: :+1::joy: :+1:
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Still an AllStar
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Level 12

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.

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Level 15

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?

Former Chump... umm.... AllStar.
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