Soar to Success April 2017

need to report the excess gain

on schedule D of your 1040.

Here’s a quick look at the 3

tests you must meet in order to

exclude the gain from the sale of

your primary residence:

You must have owned the

house at least 2 years during

the 5 years prior to the sale

You must have used the

home as your principal

residence for at least 2 out

of the last 5 years prior to

the sale.

You must not have excluded

the gain on the sale of

another primary residence

within 2 years prior to this

sale.

Also, if you’re married, you

must file a joint return and only

one of you must have owned

the home for 2 years but both

of you must have lived in the

house for the required amount

of time of 2 years.

Tina L. Moe, C.P.A., CGMA, formed A.C.T. Services in 2002, and began building

her business. Her practice has grown to a clientele more than 1,200 clients and a

team of more than a dozen staff members. Tina attributes her business growth

to being proactive with her clients, maintaining affordability and accessibility of

the business owner herself.

Tina is a member of the American Institute of Certified Public Accountants (AICPA)

and the Indiana CPA Society.

Contact her at:

and on

Watch Tina’s video series

SOAR TO SUCCESS

pril

2017

Core Business Strategies