Quote:
Originally Posted by jco
Sorry for posting two in a row. If I don't post things while I'm thinking of them, they never get posted!
I know that if we sell our house before we've lived in it for two years and we move over fifty miles away for work, we won't have to pay capital gains. Does that mean we need to receive a contract from our new job BEFORE we sell our home?
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You know, you really need to talk to a CPA. It gets a little sticky if you're moving before that 2-year period is up. A job transfer can sometimes eliminate some of the capital gains, but my understanding has been that it has to be some sort of hardship circumstance, such as you were laid off from your job or your employer closed this branch and you were forced to transfer to another location, etc. IMHO, it would definitely be worth paying a CPA for a 1/2 hr consultation to get the lowdown on this, vs selling a month or two short of the 2-year mark and getting hit with capital gains tax.
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