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In the case you were to sell your house shortly after the 1 year mark of owning it and you moved to a different state but worked for the same company yet in a different office would you be exempt from paying the capital gains tax on the house?
Provided that you meet eligibility requirements, you would be entitled to a partial, or prorated, exclusion on the gain. Read my post #6 in this thread:
The link to the IRS publication in my previous post no longer seems to be valid, but you can access IRS Publication 523 here: https://www.irs.gov/pub/irs-pdf/p523.pdf
Provided that you meet eligibility requirements, you would be entitled to a partial, or prorated, exclusion on the gain. Read my post #6 in this thread:
The link to the IRS publication in my previous post no longer seems to be valid, but you can access IRS Publication 523 here: https://www.irs.gov/pub/irs-pdf/p523.pdf
Hmm. Ok good to know. Thanks for the heads up. Unfortunately I don't think I would necessarily be eligible under the work requirement because as it stands, I don't think I would be transferring to a different job position. Rather just be moving to work at a different office, even though it would be more than 50 miles apart from the current office.
The key element in the work-related move is the work location.
Ok, if that's the case then I may be up for a partial exemption.
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