Capitol Gains Moving Out Of State

Comments(7)

• 
  NewKidinTown211th April, 2005

  Maybe, why are you moving?

• 
  gsdp11th April, 2005

  I accepted a buy out from my employeer to leave my company.

• 
  jessedanielle11th April, 2005

  I am also looking to save on capital gain. i have lived in my condo for 1-1/2 years and am selling it to upgrade, having more kids. is there a way to defer the capital gain, even though it is a primary res. with out waiting the 2 years?

• 
  NewKidinTown211th April, 2005

  Quote:I accepted a buy out from my employeer to leave my company.Your move, then, will be related to a change in employment location?
  
  If so, then a reduced maximum capital gains exclusion would seem to apply to your situation. Since will have 18 months in your current primary residence when you sell, you will have satisfied 3/4 of the 2 year ownership and occupancy requirement to take the full capital gains exclusion.
  
  Since the full exclusion is $250K per taxpayer, then each qualifying taxpayer in your household would be eligible for a capital gains exclusion of $187,500. If your profit on the sale of your home does not exceed this reduced maximum exclusion, your profit is still tax free.

• 
  gsdp11th April, 2005

  I and my wife will be unemployeed, job searching. Estimated profit from sale, not counting fees etc would be 285,000.00. agent fees etc would bring it down and i estimate with cost of new home etc final profit would be at 40,000

• 
  gsdp11th April, 2005

  thank you very much for your information, much appreciated

• 
  krish18th April, 2005

  Here is a link
  http://www.irs.gov/taxtopics/tc701.html