What happens if we sell our home before living there 2 years?
November 23, 2005
Subject: Gains question
Date: Sat, 05 Nov 2005
I saw your website and was wondering if you could answer a question for me.
My husband and I bought our home in June 2004. We are thinking about relocating to be closer to our families. We would both be able to transfer and keep our current jobs. What are the tax consequences of selling the home before living there for more than two years?
Thanks for your help.
Date: Mon, 07 Nov 2005
You probably would not qualify for the exclusion of up to $500,000. Look at the details of your situation. After commissions and selling expenses, you might not have much gain to be concerned about.
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.
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