Your Life

Your Life

Major life milestones often have a major tax impact. Changes in your marital status, having a baby or adopting a child can have significant impact on your taxes. This is the place to ask questions about dependents, real estate, and other various scenarios that play a significant role in what taxes you pay.

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Pioneer
Posts: 2
Registered: ‎04-07-2018

Home sale/Capital Gains

[ Edited ]

H&R Block software is saying we don't qualify to exclude the gain from our home sale even though we pass the ownership and use tests (both of us owned the home and lived in the home as a main residence for at least 2 of the past 5 years). Why? Also, we purchased the home in 2014 and sold it in 2017. Why is the software asking me how many days we did not use the home as our main home after 2008? We didn't even own the home then!

Council Member
Posts: 516
Registered: ‎04-06-2016

Re: Home sale/Capital Gains

I recommend going back to the start of the interview and making sure that you've read the questions carefully and answered them correctly. On some of the screens you'll see a "Next" button at what appears to be the bottom of the screen, but there will be questions that you'll only see if you scroll down.  Make sure you're not missing one.


Karen

Highlighted
Pioneer
Posts: 2
Registered: ‎04-07-2018

Re: Home sale/Capital Gains

I realized it was because I had listed a deduction for depreciation for my husband's home office. However, upon reviewing our previous years' taxes, we did not actually qualify to claim the deduction (it didn't add up to enough to claim), so I was able to remove that. Problem solved!

 

(Still doesn't explain why it was asking me about 2008 when we didn't buy the house until 2014.)