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Started By
Message
Avoiding capital gains - selling home before 2 years?
Posted on 2/24/23 at 2:08 pm
Posted on 2/24/23 at 2:08 pm
Any advice? It’s a primary residence, owned for 1.7 years. Wife did have an out of state employment offer prior to close.
5
Posted on 2/24/23 at 2:25 pm to CincinnatiTiger
How much are you making on it?
Posted on 2/24/23 at 2:27 pm to whiskey over ice
Roughly $160k
Eta: before real estate commission, moving costs, repairs
Eta: before real estate commission, moving costs, repairs
This post was edited on 2/24/23 at 2:29 pm
Posted on 2/24/23 at 2:37 pm to CincinnatiTiger
quote:
Wife did have an out of state employment offer prior to close.
If you moved at least 50 miles "for work" you can get a partial exemption.
Partial exemption is total months owned / 24, times the normal exemption amount ($500K if filing jointly)
But I don't think an "offer" is good enough you would need to show she actually acccepted the job and started working.
This post was edited on 2/24/23 at 2:38 pm
Posted on 2/24/23 at 2:43 pm to LSUFanHouston
Thank for the help. She did accept and worked almost immediately…def going cpa route
Posted on 2/24/23 at 2:44 pm to CincinnatiTiger
quote:
Thank for the help. She did accept and worked almost immediately…def going cpa route
Yup. You might be ok.
Posted on 2/24/23 at 2:46 pm to CincinnatiTiger
I’d try to hang on another few months and make it work with the wife before selling.
Posted on 2/24/23 at 3:23 pm to CincinnatiTiger
So 20 months? Is it sold already?
As said you could have your wife rent a place and keep your current residence your primary for 4 months.
If not, see a CPA for the moving credit but honestly there's not a lot of options here other then not selling and keeping it as a primary for a couple months.
As said you could have your wife rent a place and keep your current residence your primary for 4 months.
If not, see a CPA for the moving credit but honestly there's not a lot of options here other then not selling and keeping it as a primary for a couple months.
Posted on 2/24/23 at 3:58 pm to CincinnatiTiger
I did this before for work related move.
The two year rule can be pro-rated.
I don't know what 1.7 years is so let's say that's 17 months.
For a single filer the exclusion is $250k and $500,000 for married filers.
17/24 = .708 x 250k or 500k for married.
Excluded amounts = approximately $177,000 if single. $354,000 is married.
If you've been in it 20 months, the numbers would be higher starting with 20/24 then rest of calculation.
Well shite nevermind already been addressed.
The two year rule can be pro-rated.
I don't know what 1.7 years is so let's say that's 17 months.
For a single filer the exclusion is $250k and $500,000 for married filers.
17/24 = .708 x 250k or 500k for married.
Excluded amounts = approximately $177,000 if single. $354,000 is married.
If you've been in it 20 months, the numbers would be higher starting with 20/24 then rest of calculation.
Well shite nevermind already been addressed.
This post was edited on 2/24/23 at 4:02 pm
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