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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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Had our primary residence in California. Had no permenant job.

Customer Question

Had our primary residence in California. Had no permenant job. 2006 was offered executive job at US Government, Voice of America.
Left Ca but did not rent property. 2014 sold property while working in Washington DC. Lived in California Condo for some 18 years. Could not manage my financial affairs prior getting job at DC. Never lived in residence from 2007. What Capital Gain applies to us?
Sincerely,
Kambiz Mahmoudi,
Cell Phon 949-244-14-29
Submitted: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year ago.
Welcome to Just Answer. My name is ***** ***** I will be happy to assist you today.Generally, you can exclude up to $250,000 of gain ($500,000 if married filing jointly) on the sale of your home if you have owned and lived in the home for 2 of the last 5 years immediately preceding the sale. However, you may still qualify for partial exclusion if you moved because of work, health, or an unforeseeable event. You meet the standard requirements if any of the following happened during the time you owned and lived in the home you sold: You took or were transferred to a new job in a work location at least 50 miles farther from home than your old work location.You had no previous work location and you began a new job at least 50 miles from home.Either of the above is true of your spouse, a co-owner of the home, or anyone else for whom the home was their residence.The following link contains excellent information you will find helpful:http://www.irs.gov/publications/p523/ar02.html#en_US_2014_publink1000200611Since you have included your phone number, I have made you an offer for Additional Services to discuss this in greater detail.Thank you and best regards,Barb

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