How do I claim the US primary residence exemption?
Published Apr 28, 2023
If you have “Estimate for me” selected in your tax configuration in Plan Settings > Tax, PL should apply the primary residence exemption for you when the house is sold.
Just make sure that within the corresponding House form in your plan, you have “Live Here” checked. Also, note that the capital gain from the sale will still show as LTCG income on the Tax Analytics page, but most of it should end up in a 0% bracket due to the deduction.
You should be able to see the deduction if you drill into Taxable Income > Deductions within the yearly summary pane to the right of the chart in the Plan tab.
