Accountants Who Come To Us For Guidance
David M. Kaufmann, CPA
2831 Wyecliff Way
Highlands Ranch, CO 80126
PO Box 632285
Highlands Ranch, CO 80163-2285
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.
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.
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