USA Sale of Home

[HJS]

I have a client who put his home(main residence) up for sale in 2014. The house sat on the market, unsold, until 2019 when a sale was transacted. During 2014 my client bought another residence and has used this residence as him primary residence. My client is married. Is he entitled to the $500,000 exclusion of capital gains on the sale of his original home.

 

[kirby]

https://www.irs.gov/pub/irs-pdf/p523.pdf

You need to read the above.
The 5 years is based on time between actual dates and not anytime within full calendar years.
So for example if client sold on 1/31/19 then hopefully client did not move out of prior residence before 2/1/14

 

[HJS]

I have a client who put his home(main residence) up for sale in 2014. The house sat on the market, unsold, until 2019 when a sale was transacted. During 2014 my client bought another residence and has used this residence as him primary residence. My client is married. Is he entitled to the $500,000 exclusion of capital gains on the sale of his original home.

Thank you