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Updated over 9 years ago, 04/29/2015

User Stats

462
Posts
199
Votes
Brit Foshee
  • Investor
  • Fort Myers, FL
199
Votes |
462
Posts

Capital gains exclusion for two year homestead exceptions

Brit Foshee
  • Investor
  • Fort Myers, FL
Posted
I have thoroughly investigated the IRS website and still have a few questions I was wondering if someone could help me out with. It appears that I qualify for some exceptions but after researching it's still unclear. There are two exceptions I believe I qualify for. 1) I was married in March. According to the irs, marriage is an exception. Is it that cut and dry? Is it a full exception? 2). My wife has been requested to transfer. According to the IRS a move because of a job is an exception but is only a partial exception. Any clarification on this ? How is the partial exception calculated. I have on my primary residence for 14 months. I'm poised to profit about $75,000. My wife and I would like to move and have her take that job, but we would owe the irs approximately $20,000 if we didn't qualify for any exceptions. Thanks for any input. Brit.

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