Can we get an exclusion on a home we could never move into?
January 29, 2007
From: Susan
Date: Tue, 07 Nov 2006
Hi,
We moved 2,000 miles from our home town two years ago because of employment. We were building our principal residence, but never lived in it. Will we qualify for any exclusion on the sale?
Thank you,
Susan
Answer
Date: 22 Nov 2006
Hello Susan,
Since you never lived in the residence, it won't qualify as a principal residence and no exclusion will be allowed.
Good luck!
Mike Gray
We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.
Home Real Estate Taxletter Introducing Our Firm Articles FAQ Need Help? Other Resources
Michael Gray, CPA
2482 Wooding Ct.
San Jose,
CA
95128
(408) 918-3162
FAX: (408) 938-0610
email: mgray@taxtrimmers.com
Hours: 8am - 5pm PDT Monday - Friday
Connect on LinkedIn
Our Blog
© 2024