Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next
Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Re: Sale of 2nd Home within 2 years Date: 2/7/2000 5:31 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
<< Married.
Purchased home #1 6-30-94
Sold home #1 3-31-98 due to job relocation.
Rolled entire gain into purchase of home #2 on 10-31-98.
Now, want to sell home #2 and not pay capital gains. This sale will not be due to relocation.

If I sell prior to 10-31-00, Do I qualify for the "Reduced Maximum Exclusion" mentioned in IRS publication 523? I base this on exception #2 under "Reduced Maximum Exclusion". Or, would selling after 3-31-00 allow me to be eligible for the "Maximum Exclusion" or do I just have to wait till after 10-31-00 to be eligible for the maximum exclusion? >>

You have to wait until you've owned and lived in the home for 2 years since you don't meet any of the qualifications for the reduced exclusion. It may seem unfair, but it's the law, and it was the law when you bought your current home.

Phil Marti
Tax Preparer
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement