All Forum Posts by: Phil DeSimone

@Dave Foster haha touché. A group of us that play looked into it awhile back while being sick of the frigid cold in Helsinki, Finland. I also thought it would help my handicap out, but three years later I am still not seeing much improvement in that department! 

@Linda Weygant thank you for taking the time to provide me with useful information! I do in fact have all those basis covered. As for Natalie, I thanked her genuinely 2-3 times for shedding her light on the subject despite her passive aggressive responses, when all I was doing was trying to gain knowledge on quite a tricky subject. I came here to get answers because I knew I would get the right ones from trusted intelligent people, not to be "smug" or weasel my way out of a small fee. Again, thank you for taking the time out of your day to get back to me and give me useful information.

@Natalie Kolodij so how about that cake :)

@Steven Hamilton II thats the impression I was under the whole time, but after all I am neither a CPA or accountant. very good news, I will pass this along. 

 @Jake Hottenrott thanks for all the info... just to be clear you are saying that I do meet the ownership and use test and I should be fully excluded from paying on the gain? or do I fall under the reduced maximum exclusion (which I just tried to read on but don't fully grasp)

@Natalie Kolodij I found another partial exclusion that definitely fits. Thank you for the help. wasn't trying to cheat the system or have my cake and eat it too just wanted another professional opinion before I pay a large sum to the IRS.

@Natalie Kolodij 

Natalie,

Yes I did. I moved to three different places since then all being work (hockey) related all more then 50 miles. I have not bought another place yet, and I am currently finishing up my season in Switzerland right now so I am not even in the US at the moment. So what you're saying is even though they were short term vacation rentals and my contract with the teams I was playing for made it impossible for me to still live in the house, and I had to find alternate housing where I was playing it doesn't matter and I am still liable? Thanks for the help! 

I am in the middle of a tax dilemma on a recent house I sold in late September and would really appreciate any feedback or referrals to someone who would know the answer.

so... 

I play pro hockey (forces me to leave my primary residence during the season) and owned a home in Naples, Florida from April 2014 to September 2016 (30 months). I was under the impression that after two years of ownership of a primary residence, you were excluded from paying capital gains tax on the first 250k in gain. My capital gain is under that threshold and the house was my primary residence for the full time period. The problem I am having is 11 of those 30 months I rented my place out due to my absence for hockey. Which is why the accountant I am working with now is telling me I do not qualify for the exclusion and I am liable to pay tax on either the whole gain or a portion of it (still not sure yet). My question is, since my job required me to move out of the state of Florida and in some instances out of the country for those time periods it was rented, does that grant me an exception and still qualify me for this exclusion? 

I have been told by several peers who have done the same thing as me, have not been liable to pay tax on the gain. I have also talked to several other people in the industry before the sale to make sure of this and all agreed that I would be exempt. 

Thank you !!!