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Home sale exclusion with partial rental period

gibsonrr
Level 2

re: taxpayers sold a home that was a rental property for a period of time but they qualify tor the 500K home exclusion for the 5-year period.

I know I have done this before but am thinking Pro Series must have changed the input forms. The current home sale worksheets show them qualifying for the 500k exclusion and has the depr recapture amoiunt correct. However, it is also generating a 4797 and capital gain for their gain. I have called Intuit three times and have been cut off/hung up on twice. This morning after 2 hours and 17 minutes and the agent relaying the information to an "expert", I still have not resolved the issue. Got cut off again and no one called me back. Anyone know the right input forms to use? Thanks.

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5 Replies 5
Just-Lisa-Now-
Level 15
Level 15

You might want to include the date it was sold, the dates it was a rental and the dates they lived in it, so someone can help you sort this out.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
gibsonrr
Level 2

6/30/16-10/30/18 Personal residence 854 days

11/1/18-10/27/20 rental  726 days

 

TaxGuyBill
Level 14

Are you entering it on the Asset Entry Worksheet, and "linking" it to the Home Sale Worksheet?

On the Home Sale Worksheet, when it asks for the number of Nonqualified Use days (Line 19?), are you entering ZERO (or leaving it blank)?

gibsonrr
Level 2

Well, I didn't have it linked and that was part of the problem so thanks for that. The number of qualified days was blank so that was ok. The other problem was the program picked up the date I had in the asset worksheet when it became a rental rather than the date they bot the property. So when I entered that in the asset worksheet, that accepted the exclusion. Thanks for guiding me to the solution..

TaxGuyBill
Level 14

Great, I'm glad you were able to figure it out.  😁

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