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I had condo in NYC. Bought 1987 and lived few years. Then…

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I had condo in...

I had condo in NYC. Bought 1987 and lived few years. Then moved out to NJ so rented out since then. I sold my house in NJ few years ago and lived with my Son. If I move back into condo in NYC, live more than 2yrs from now, does it apply for Capital Gain exemption??

Submitted: 2 months ago.Category: Tax
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Answered in 6 minutes by:
4/2/2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,404
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. …. My name’s Lane,

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

I’m reading your question now.

Bear with me a moment while I type up my response.

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Then if you have further questions we can go from there.

(By the way, if the site makes one of those automated call offers, That did not come from me. Be glad to do a phone consult, but this comes with an additional cost, so don’t accept unless you’d like to talk)

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago

Yes, once you qualify for the exclusion again (by living in the home for any 24 months out of the five years before the sale) you do get the exclusion.

...

But because you had it rented for a part of the time you owned, there is a modification to the amount that can be excluded.

...

IF you are married and file jointly the exclusion of capital gain is $500,000 ($250,000 for married filing jointly)

...

Bear with me another minute and I'll pull up the regs on that

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago

The Housing and Economic Recovery Act of 2008 amendede Section 121 of the Internal Revenue Code. Section 121 no longer permits homeowners to take the full tax-free exclusion on the sale of real property that was held and used as their primary residence if there was any non-qualified use (rental is a non-qualified use) of the real property prior to it being held and used as their primary residence.

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The capital gain resulting from the sale of the property will be allocated between qualified and non-qualified use periods based upon the amount of time the property was held and used for qualified versus non-qualified use.

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The allocation of the gain between qualified and non-qualified use periods is actually very simple. Gain is allocated using a formula or fraction based on the number of years the property was held for non-qualified use as a percentage of the total number of years the property was owned by the homeowner.

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