Disclaimer: I am a tax professional and instructor, but don't take my word as absolute gospel.To the best of my knowledge, the only time the first-time home buyer rule comes into play is to eliminate the early distribution penalty from an IRA. If anyone knows differently please post!!Selling your options, unless I'm missing something, simply results in a taxable capital gain or loss, computed on Schedule D and carried to your 1040. What you then do with the proceeds is up to you.Publication 550, Investment Income and Expenses, is probably the best place to look for an absolute answer. Publication 590, which discusses early distributions and other fun, is also helpful.Sorry to break the news, but I don't think you heard correctly.Mike Sprague
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