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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15312
Experience:  15years with H & R Block. Divisional leader, Instructor
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For one year and eight months I bought for 235 and sold for

Customer Question

For one year and eight months I bought for 235 and sold for 281. I am moving for a job promotion
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: year and eight months I bought for 235 and sold for 281. I am moving for a job promotion. I am also buying for. 67,500
JA: Is there anything else important you think the Accountant should know?
Customer: No
Submitted: 11 months ago.
Category: Tax
Expert:  Robin D. replied 11 months ago.

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a moment.

Expert:  Robin D. replied 11 months ago.

A reduced exclusion is available to anyone who does not meet the full 2 year requirement because of a change in place of employment.

You would calculate the reduced exclusion by multiplying the maximum dollar limitation ($250,000 or $500,000 for qualifying married taxpayers) by a fraction. The numerator of the fraction is the shortest of (1) the time the taxpayer owned the home during the five-year period ending on the date of the home’s sale, (2) the time the taxpayer used the home during the five-year period ending on the date of sale or (3) the time between the date of the prior sale for which gain was excluded and the date of the current sale. The numerator and denominator are expressed in either days or months. If the measure is days, the denominator is 730 days (365 days X 2 years). If the measure is months, the denominator is 24 months.

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Expert:  Robin D. replied 11 months ago.

Do you need me to show the exact formula written out?