Will I have to report a capital gain for selling my residence?

September 21, 2005


Date:  Thu, 18 Aug 2005
From:  Francesca

Will I have to report a capital gain for selling my co-op residence? I lived there just under two years and bought a bigger house. The gain would be under $200,000.

Answer

Date:  Wed, 14 Sep 2005

Hello Francesca,

Unless you qualify for one of the exceptions for a partial exclusion, such as selling the home relating to being employed in another location or relating to a divorce, you have not met the requirements for the exclusion and the gain is taxable.

Good luck!
Mike Gray

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