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Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
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Experience:  I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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Exemption fropm capital gains tax on profits from property

Customer Question

I occupy a home that I bought for less than two years, and now I have to move 120 miles away for my job. Am I exempt from the capital gains tax on the profits from the sale of my house because of my job needs ?
Submitted: 11 years ago.
Category: Tax
Expert:  Jon Andrews replied 11 years ago.

If the primary reason for selling the house is the job relocation, you will be eligible to exclude all or part of the gain based on a formula. The formula is number of days you owned & lived in the house divided by 730 times $250,000 (or $500,000 if married filing jointly). For example if you owned/lived in the house for 146 days prior to the sale and you are single, you would be able to exclude 146/730*250,000 = $50,000 of gain from income. If your profit is more than the excludable amount, you will pay tax on the amount over.


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Customer: replied 11 years ago.
Reply to Jon Andrews's Post: OK John.But my situation is a little bit different, and I need to know if I will qualify for this. I am a registered nurse, and I live in a small town with one hospital. I worked there for 18 months, and I left for another opportunity. Six months later, I came back to the hospital and applied for an entry level job, and I could not even get an interview. I ended up taking a position in a town 110 miles away part time (24 hours a week), and I have been commuting. Now we are moving up to that city because I am very close to obtaining full time status. I held the job and commuted for 7 months, and with three little children, I need my family to be with me. So, if I move close to work because of a pending change in employment status full time, would that then meet the relocation exemption requirement? I would think so. Could you give me both a liberal and conservative answer to this (If there is such a thing)? Maybe I am way off base, and they dont care about circumstances, but I fear that tthey do, and I want to get it straight. Thanks Jihn. I look forward to hearing your reply. Joel

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