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Updated almost 5 years ago on . Most recent reply

User Stats

211
Posts
109
Votes
Sean H.
  • Developer
  • north carolina
109
Votes |
211
Posts

Primary residence stay "2yrs<1yrs" changes return?

Sean H.
  • Developer
  • north carolina
Posted

I was doing turbo tax, and im surprised that it is changing my return based on the number of months i claim i used the residence as my primary residence. 

I realize over two years is tax free, but im not trying to do this. 

I had stayed there for 19 months, and it claims my income is totally tax deductible (which is weird). So out of curiosity i lowered the number down a couple of  months (all the way down to 13 months), and it gave me a different number every time i changed the number. Is this a flaw in their software, are is there really a deductible based on time less than 24 months?

I also realize that over a year is long term capital gains, but that is not my question either. 

Most Popular Reply

User Stats

382
Posts
272
Votes
Bob Norton
  • Accountant
  • Slidell, LA
272
Votes |
382
Posts
Bob Norton
  • Accountant
  • Slidell, LA
Replied

If you lived in your residence for less than two years and had to sell it due to an unforseeable event, then you get a partial exemption based on the period of time you lived in the home.

  • Bob Norton
  • Loading replies...