Sold Second Home

Forum|Forum|4 years ago
April 23, 2021
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We sold our second home in Hawaii in July 2020. The home was previously used as a rental property (2008-2019) but was taken off the market in 2019 to remodel and sell. We bought the house in 2005 for $885,000 and sold it in 2020 for $1,014,000. I am trying to file my 2020 taxes and am being taxed on the capital gains of the sale of the house though as a military filer I have lived in the house more than 2 of the last 15 years so don't believe I owe capital gains. I can't seem to reconcile in Turbo TAX Premier.

Not A Product Question

ColeenD3

If you are able to look at your forms, you will be able to see if you were able to include your exclusion. However, you have to recapture any depreciation. This portion of the gain can't be excluded.