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i want to sell my house because I am getting married and moving into my fiancee's house. I have owned and lived in my house for 16 months. How ifr any can I avoid paying capital gains? Is there a hardship exemption for marriage?

thanks,
Mary

Submitted: 1249 days and 8 hours ago.

Category: Tax

Value: $8

Status: AWAITING CUSTOMER ACTION

Optional Information:
Taos, New Mexico

Already Tried:
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Answer

If you own and use your primary residence for two out of five years on the date of selling the property, you can exclude capital gain $250,000 for single or $500,000 for couples.

You can exclude the gain once every two years.

You can exclude the pro-rate of the gain if you selling is due to job change,health and Unforeseen circumstances.

The detail is here:
http://www.irs.gov/publications/p523/ar02.html#d0e3021

Accepts:
Expert:	Zhicheng Lai
Pos. Feedback:	98.4 %
Answered:	6/24/2006

Enrolled Agent(EA)

5 years tax preparing experience

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Question

i want to sell my house because I am getting married and moving into my fiancee's house. I have owned and lived in my house for 16 months. How ifr any can I avoid paying capital gains? Is there a hardship exemption for marriage? thanks, Mary

Optional Information

Optional Information: Taos, New MexicoAlready Tried: random googling

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Related Tax Questions

i want to sell my house because I am getting married and moving into my fiancee's house. I have owned and lived in my house for 16 months. How ifr any can I avoid paying capital gains? Is there a hardship exemption for marriage?

thanks,
Mary

Optional Information:
Taos, New Mexico

Already Tried:
random googling