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Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121335  
Subject: Re: Reduced CGT deduction Date: 2/22/2006 7:44 PM
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You can claim an exclusion, but the maximum amount of gain you can exclude will be reduced if either of the following is true.

You did not meet the ownership and use tests, but the reason you sold the home was:

A change in place of employment,


What about that pesky 9 year gap between the time you moved due to a change in place of employment and the sale of the house?

The problem is that it is now very hard to argue that the sale of the house is now connected to your change in jobs.

Of course, we could ignore this and just go on to the formula to calculate a reduced maximum exclusion. So looking back at the last 5 years before the sale, how many days did you use the house as your principal residence? Based on your prior posts, I'm guessing that would be none. You were living in the US, not in the UK. So even using the proration formula we still get the result that there is no exclusion.

--Peter
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