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David M. Kaufmann, CPA
7200 S. Alton Way,
Suite B-195
Centennial, CO 80112
Voice: 720.493.4804
(toll-free) 800.326.6686
Fax: 303.796.7768
(toll-free) 888.326.6686
Email:
contact2@kaufmann-cpa.com |
Facts:
You have lived in your home for less than 2 years.
You planned to live in the house for a long time.
Some unusual and unforeseen circumstance made you decide
to sell the house.
Problem:
Generally, if you live in a home for 2 out of 5 years, the
first $250,000 ($500,000 for joint returns) of gains are tax-free.
Thus, if you live in your residence for less than 2 years
and you sell it for a gain, you might have to pay tax on that gain.
Solution:
There are some exceptions to the general rule. If the
circumstance are right, and, even if you live in the home for less than 2 years,
you might qualify to exclude some of the gain.
I can check to see if you qualify for one of those
exceptions. |