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Accountants Who Come To Us For Guidance David M. Kaufmann, CPA Voice: 720.493.4804 Email: contact2@kaufmann-cpa.com Physical Address: 1466 Adobe Falls Way |
Facts:You have lived in your home for less than 2 years. You planned to live in the house for a long time. Some unusual and unforeseen circumstance made you decide to sell the house. Problem:Generally, if you live in a home for 2 out of 5 years, the first $250,000 ($500,000 for joint returns) of gains are tax-free. Thus, if you live in your residence for less than 2 years and you sell it for a gain, you might have to pay tax on that gain. Solution:There are some exceptions to the general rule. If the circumstance are right, and, even if you live in the home for less than 2 years, you might qualify to exclude some of the gain. I can check to see if you qualify for one of those exceptions. |