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Sale of 2 principle residences


neilbrink

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Couple was married in May, 2018. Each one owned their own qualified residence and each one sold their individual qualified residence. Each one received a Form 1099-S at closing. I can only see that one qualified house can be used at the "Sale Principal Residence Input" tab on the Form 8949. How can I add the second residence to the Form 8949? Thanks.

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They can file jointly, but each of the two gain exclusions is calculated for each individually and limited to $250K for each, not a combined exclusion of $500K as any other joint couple would have.  IN other words, if one as a gain of $300, it would have a taxable gain of $50K.

So, it is acceptable to claim both on a joint return, but I can't tell you whether or not it is possible within ATX or how or where to input in that software.  Is it possible to add a second 8949 and indicate that the first is for taxpayer and second one is for the spouse?

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