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Message
Selling home without meeting 2-year living in home excemption
Posted on 9/27/10 at 10:25 pm
Posted on 9/27/10 at 10:25 pm
Do have this right:
t = Time lived in home in months
x = gains excluded from tax
x = $250,000 (t/24) if t<24
t = Time lived in home in months
x = gains excluded from tax
x = $250,000 (t/24) if t<24
2
Posted on 9/28/10 at 6:43 am to C
You are going to turn a profit after living in a house for less than 2 years in this market? Where do you live? Are you selling it yourselfor using a realtor? Best of luck, cowboy!! 
Posted on 9/28/10 at 7:59 am to flyingtiger
quote:
You are going to turn a profit after living in a house for less than 2 years in this market?
Hope so.
quote:Just moved back from Australia. Home is in The Woodlands, TX.
Where do you live?
quote:Probably myself, or using the agent of the home I'm buying to reduce commission costs.
Are you selling it yourselfor using a realtor?
I haven't made a decision yet because I don't know all the costs involved reguarded the taxes. So hoping to get a simple answer here to the OP.
Posted on 9/28/10 at 8:10 am to C
The formula is correct for a home you have owned, and occupied, for less than two years. However, in order to qualify for the partial Section 122 exclusion you have to be selling your home for specific reasons. Those reasons are change in work location, health reasons, or unforeseen circumstances (natural disaster or special family needs are two common ones).
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