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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16559
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Hi. Are you available for a chat session now?

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

How may I help you today?

Customer:

Hi. I bought a primary residence around 15 months ago with my non-registered domestic partner. The home has gone up in value by around $100K. IRS publication 523 states that the 2 year residency / ownership exclusion can be waived if the owner sells before 2 years is up. Actually, there is a list - and I believe one of the items on the list (if I am not wrong) is vague because it say's "unforeseen circumstances". I'm trying to figure out if my unforeseen circumstance would count. I'll send this now and then type out my circumstance..

MyVirtualCPA :

What is your circumstance

Customer:

My partner mentioned above (Lisa) has two kids who she shares with her ex-husband. Due to job reasons he is moving to Texas and taking the kids with him. Lisa doesn't want to be away from her kids so she wants to sell the house and move to Texas. Because she wants to sell the house and I wouldn't be able to keep up the mortgage, taxes and insurance etc on my own she has kind of forced me to sell.

MyVirtualCPA :

You will need to work with a tax preparer in your area on this, as you will have to substantiate your situation

Customer:

Do you think my circumstance would count as an unforeseen circumstance?

MyVirtualCPA :

I think it's a grey area

Customer:

OK. Thanks.

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