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If you are not over the limit then there is no place to report a primary home sale on your taxes ....unless you had unqualified use..taxes are pretty much the honor system until they question you.
In fact we sold a 2nd home ,there was nothing even asked about it being a primary ...no one at the closing cares ..it is on you
Yes , as long as it was your primary first you are not mixed up in the prorating ..... You are fine .....
Great. Thanks!
Quote:
Originally Posted by JonahWicky
I'd suggest you speak to a tax lawyer who can give you a definitive answer, rather than relying on a bunch of random strangers on the internet.
Generally, that's good advice. I did the research though, and triple checked the language. I'm darn near certain of my conclusion, but it's nice to get some additional, independent confirmation.
OP has apparently already decided what the rules are as they apply to him/her- not sure why a question was asked in that case.
^^^ This. OP, Mathjak was trying to be HELPFUL by providing accurate information, and you were just plain rude because his answer wasn't what you hoped for. Even when it was clear he was right, you couldn't even say something as simple as "Yeah, sorry for calling BS." (Why is that so hard for people? Have you never been wrong? )
Mathjak, you showed by post #9 why the IRS needs better tech writers!! My tax situation is typically pretty straightforward but when it's not, my brain goes a bit numb after reading the IRS rules 20-30 times.
^^^ This. OP, Mathjak was trying to be HELPFUL by providing accurate information, and you were just plain rude because his answer wasn't what you hoped for. Even when it was clear he was right, you couldn't even say something as simple as "Yeah, sorry for calling BS." (Why is that so hard for people? Have you never been wrong? )
Mathjak, you showed by post #9 why the IRS needs better tech writers!! My tax situation is typically pretty straightforward but when it's not, my brain goes a bit numb after reading the IRS rules 20-30 times.
it wasn't flamingo who called bs , it was daxhound who was wrong and never apologized .
Quote:
Originally Posted by DAXhound
Yes, I say BS on math jack... I did look at 523..grey as a battleship. Residency means so many different things. The property is not listed as a rental, nor will it be. And, I will bet that I could use date of purchase to establish in state residency for tuition purposes at the State University.
Mathjak, come on, your reading comprehension is usually excellent! Yes, I was saying it was the OP who called BS and never apologized even when it was clear you were right. Flamingo13's post was absolutely correct -- you simply did not give the OP the answer he wanted so he chose to be really rude. Oh, well -- at least others will hopefully learn something from this thread.
here you go . this is an easy explanation of the tax laws as they changed .
buying in advance is now prorated-period . This new proration portion of § 121 kicked in on January 1, 2009, so all rental usage or vacation home usage before then is a freebie, so long as you meet the 2-out-of-5 rule before you sell. but all that changed on jan 1 2009 when prorating started .
it was done to stop everyone who were buying 2nd homes and rentals and then converting them to a primaty and taking the full exclusion .
so don't be so quick to think you know it all . that is why we have tax experts .
homes that are rentals , 2nd homes or vacation homes are all considered the same non qualified use today. if you want to read through the irs info on it you need to go to unqualified use on section 121 .
This article gives numerous examples, all of which involve rental properties, which mine is not. The law was changed to prevent people from moving into rentals or second homes to get the exclusion. It wasn't meant to punish people, who are trapped in a foreign country during a pandemic, or simply have to travel for work. And again, a baseball player, who buys a house, but spends months a year on the road?
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Yes, I was saying it was the OP who called BS and never apologized even when it was clear you were right. Flamingo13's post was absolutely correct -- you simply did not give the OP the answer he wanted so he chose to be really rude. Oh, well -- at least others will hopefully learn something from this thread. 
