Can I claim an exclusion for a home sale if I lose my job?

July 8, 2005

From:  Bryan
Date:  Sun, 26 Jun 2005

Michael,

I have lived in my home for 17 months. I was just told my division of my employer company will be closing December 31, 2005, and I will be unemployed. I want to sell my home now, during the booming summer market. Will I be eligible to claim the exclusion of gain from the sale of my residence?

Thanks,
Bryan

Answer

Date:  Fri, 01 Jul 2005

Hello Bryan,

This should qualify as an "unforeseen circumstance." Remember the exclusion is reduced when you haven't lived in the home for more than two years.

Good luck!
Mike Gray

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