The Motley Fool Discussion Boards
Personal Finances / Buying or Selling a Home
|Subject: Re: Selling||Date: 2/18/2013 12:56 PM|
|Author: TMFPMarti||Number: 124786 of 127899|
We will be selling our primary residence in two to three months. We previously had been rented for many years. We have reestablished it as our primary residence before selling.
Given your contributions on the Tax board this is more for lurkers than for you, but the law changed in 2009 on calculating the amount of gain available for the personal residence exclusion. The period from 1/1/2009 to the date you moved in is "nonqualified use." The part of gain attributable to this period as a percentage of total ownership time cannot be excluded. (This is in addition to the usual treatment of property that was used as a rental.)
Details are in IRS Publication 523.
Rule Your Retirement Home Fool
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|