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CAPITAL GAINES

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We have just built a...
We have just built a house (in Oregon) and I have just accepted a promotion within the company and will be moving to Colorado by the first of the year. Please tell me how soon I can sell my house I just built without paying capital gaines. Can I sell right now, without tax penalties
Submitted: 13 years ago.Category: Tax
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Answered in 8 hours by:
10/14/2004
Tax Professional: Sandi Hargrove, SkyHawks, Master Tax Advisor, Enrolled Agent replied 13 years ago
Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks, Master Tax Advisor, Enrolled Agent
Category: Tax
Satisfied Customers: 1,257
Experience: I am a Master Tax Advisor and Enrolled Agent. I have 40 years experience. Trucking specialist.
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 You should go to www.irs.gov and download pub 523 section regarding the reduced exclusion of any capital gain.


You may be eligible to exclude a portion of the capital gain up to the full amount of 250000(500000 if your spouse also qualifies) since your move is job related.  The worksheet will help you see how much you will be allowed to exclude.  You must have lived in the home as your principal place of residence prior to the sale.

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Customer reply replied 13 years ago
Response to SkyHawks's Post:
I did read the exclusion on the capital gaines, but to better explain my question: I am not married and I am half owner of the home. My Significant other is the other half. We both work for the same company, but I am the only one being promoted at this time.

It would be perfect if my SO could get relocated next year and that would take care of the issue as I understand changing jobs and moving more than 50 miles away is the key. But, if I'm only 50 percent owner in the house is that good for selling and neither of us having to suffer the capital gaines hit? If I'm the only one with a job transfer?

thanks
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