Can I claim an exclusion for a home sale if I lose my job?
July 8, 2005
Date: Sun, 26 Jun 2005
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?
Date: Fri, 01 Jul 2005
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.
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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