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We are moving to a new city due to job relocation, and have our home on the market. So far, no buyers.
So we are now thinking to finalize the relocation, buy our new house and sit with two mortgages for a while, until House #1 sells.
Our question is this: if we move into a new 'primary' home, does our old home no longer qualify for the home-sale exclusion for capital gains tax reasons? We meet the full use and ownership criteria for the full $500,000 exclusion.
If we have a new 'primary' residence in our new city, will that take away our exclusion?
Do we have to rent in our new city until the old house sells?
I sure hope not - b/c we're closing on our 2nd house in a new city tommorow. The old one is under contract, but not sold yet. Hopefully someone who knows will chime in
It has to be your principal residence 2 of the preceding 5 years. Assuming you have lived in your current home for at least 2 years, you have 3 years after you move to sell it and still get the exemption.
Even if you have not lived there 2 of the preceding 5 years, you can deduct a portion of the gain as the move was job related.
Lucky you! We're also buying first then selling, but we won't have to worry about any capital gains
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