There are lots of exceptions to rule laid out by IRS.
You shall think to have got a physician letter on hand documenting the conditions, in the event you vacated the property for soundness or medicinal reasons. You need not file it with our own taxes but preferably need keep it with our records if IRS requests special facts. Ultimately, conforming to IRS Publication Among the following were usually a death, the latest includes an event occurrence or events that you can not reasonably have anticipated before purchasing and occupying your key home, divorce, separation, usual or man made disaster and multiple births. Merely think for a minute. ‘work transfer’ rationale may apply to either of you as you are usually married. That’s where it starts getting intriguing. Among the possibly applicable to you would be when you were forced to sell since the task or place of employment was moved, you suffered overall health constraints requiring a move or endured unforeseen circumstances.
The following 2 occupancy years, by way, need not be consecutive, which is a relevant factoid in case you plan to reoccupy the place or have reoccupied it at any point as a key residence since time you 2 moved. Be sure to price our old enough place to market realities to jump start the sales effort, lest our listing grow staler and staler, as an aside. You could still be able to exclude a portion of any gain, in case it will be you lived in your own home less than a cumulative 2 years until it sells. The tax attorney is best suited to walk you thru all a variety of steps and nuances.
Good luck with the sale and tax man!
Good luck with sale and the tax man! Anyways, here’s hoping you feel lucky about a handsome profit and a ‘taxexempt’ one at that. Here’s hoping you savor a handsome profit and a ‘taxexempt’ one at that.