Military Sale of Home before 2 year capital gain exclusion

Forum|Forum|2 years ago
February 5, 2024
1 reply
0 views

Would we be able to be exempt from paying taxes on the gain on the sale of our primary residence if we are active military duty, owned less than 2 years, lived in North Carolina, with Texas as Primary State of Residence? I retired from military Jan 2024.

TurboTax Home & Biz Windows

DavidD66

The military service exemption from residing in the house in two out of previous five years allows you to suspend the 5-year test period for ownership and residence. It does not waive the two year residence period. There is another exception that allows you to take a partial exemption if you took or were transferred to a new job in a work location at least 50 miles farther from the home than your old work location. For additional information, see the following IRS Publication: Publication 523, Selling Your Home

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"