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Updated over 9 years ago, 04/29/2015
Capital gains exclusion for two year homestead exceptions
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.