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Author: FullyTaxed Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121341  
Subject: Reduced Capital Gains Exemption Date: 8/17/2001 2:11 PM
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Can someone please give me some direction on this one. My wife and I have owned and lived in our home for 16 months. We are considering selling our home before the 2 year period because I changed jobs in January and ultimately we want to live closer to my job (we will be moving further away from where my wife works currently, but she will be quitting soon when we have start to have children). Home prices are going up fast and we don't want to wait any longer. Do we qualify for a pro-rated exemption based on my change of jobs in January. This was a voluntary change. The IRS states that a change in job qualifies the taxpayer for a reduced exemption, but the details of qualification are unclear. We do know how much of an exemption we qualify for, just not IF we qualify. Also, are we exempt from California State taxes on this as well? Thanks
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