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Arising Tax situation in case of a Home Sale

Customer Question

Here is my situation. I Bought a House On July 11 2003 in florida. Moved into the house. I got a good job offer from a reputed firm In Jan 2004. But I had to be out of the country to work in their India office for 2 yrs. So I moved out on Feb 23 2004. I was not sure I would not be coming back to floridaand hence put the house on rental market. House has been rented from feb 25 2004. I have been transfered back to US office. I am in Oregon now. I would be here for a long time. My house in Florida has appreciated about 20%.I Want to buy a house here in Oregon after selling the house in Florida. But I am concerned what my tax situation would be. Can I take partial exclusion due to job move? If so what is the amount of exlusion I can take?
Submitted: 11 years ago.
Category: Tax
Expert:  Sandi Hargrove, SkyHawks replied 11 years ago.
 You will be eligible for a reduced exclusion of 72917 if you are a single person(145833 if your spouse also qualifies) since your move is job related.
Customer: replied 11 years ago.
Reply to Sandi Hargrove, SkyHawks's Post: I am married and my wife was living with me. She also moved with me. We have not taken any prior exclusions related home sale. So would I be able to get 145833 as the exclusion amount?

What kind of proof would I have to provide to take this exclusion when I file 2005 taxes?

Expert:  Tammy F. replied 11 years ago.

 You will be elegible for the exclusion amount of 145833.


If push comes to shove, you can get a letter from your employer stating that the move was job related.  This is not very hard to prove.


Let me know if you have more questions.

Tammy F., Not an active Expert
Category: Tax
Satisfied Customers: 9168
Experience: Not an active Expert
Tammy F. and other Tax Specialists are ready to help you
Customer: replied 11 years ago.
Reply to Tammy Falkner's Post: It helped me lot thanks
Expert:  Tammy F. replied 11 years ago.

 You are more than welcome.


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