Subject: tax question
Date: Thu, 27 Oct 2005
Thank you for providing a great informative website. I have lived in a single-family home for 19 months. Is there a penalty if I sell the home before I have lived in it for more than two years?
Much appreciated, Gisella
Date: Mon, 07 Nov 2005
In order to qualify for the $250,000 per individual exclusion for sale of a principal residence, you must live in the home for more than two years. Sometimes you can get a prorated exclusion if the home must be sold early for unforeseen circumstances. Maybe you can just hold on for five more months?
IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised
that any written tax advice contained on this website was
not written or intended to be used (and cannot be used) by any
taxpayer for the purpose of avoiding penalties that may be
imposed under the U.S. Internal Revenue Code.