So it was only primary residence for 1.5 years but I read online that if the

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Jan 23, 2023
12:12:19pm

ChiCityCoug All-American

So it was only primary residence for 1.5 years but I read online that if the

move was due to a new job that required a relocation (in this case several states away) I could use a percentage of the 500k based on how long I lived there out of the required two years. Which would mean 75% of the 500k.

Are you familiar with that? Do I understand it correctly?

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ChiCityCoug

Bio page: ChiCityCoug
Joined: Sep 11, 2016
Last login: Jun 10, 2024
Total posts: 9,707 (20 FO)

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Messages

Author

Time

Personal tax question. I sold a home and bought a home (primary residences) this

ChiCityCoug

1/23/23 12:04pm

They are capital gains, but you get to exclude up to $250k ($500k if married filing jointly) of those gains as long as

supertux

1/23/23 12:06pm

You don’t have to even roll it over into another primary residence to avoid capital gains as long as it was your primary

Sandstone Cougar

1/23/23 12:09pm

So it was only primary residence for 1.5 years but I read online that if the

ChiCityCoug

1/23/23 12:12pm

Read the linked article and saw “work related moved” so I believe I’m good here.

ChiCityCoug

1/23/23 12:14pm

That's the way my accountant explained it to me in a similar circumstance.

cougfanz

1/23/23 12:15pm

Yes, your accountant can work out capital gains exemption for relocation.

Sandstone Cougar

1/23/23 9:28pm

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