AboutJohn Stancil, CPA Expertise I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Association of Tax Professionals, and the Institute of Management Accountants.
Visit my website at www.johnstancilcpa.com.
Also visit my blog, www.thetaxdocspot.com.
Experience I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper. I have prepared taxes for over 30 years.
Education/Credentials DBA University of Memphis
MBA University of Georgia
BS in Accounting Mars Hill College
Question We sold two (2) homes in 2008 that both qualified as personal residences. Do we have the option to use the exclusion on the second sale versus the first sale?
Answer Theresa,
No, there is no option in most cases. You can only exclude gain on the sale of your primary residence. This residence must have been owned by you and lived in as your primary residence for 24 of the past 60 months.
If it happens that both qualify as your main home under the above stated rule, you can elect to exclude gain on only one of them. You must pay tax on whichever one you do not choose to exclude gain.
