1. We report the apartment sale so we took an exclusion? Or are we not "using up the exclusion" because we have a net loss? NOT ... sale of a personal residence at a loss is ONLY reported if a 1099-S is issued for the sale but the loss is still not deducible.
2. We have to sell before 2 years but have a job contract that is 200 miles away. Is it an issue that we are not married? Does IRS expect us to be separated and keep two residences by IRS or can we both use the exclusion (partial depending on date of new build sale) each? The IRS allows a partial exclusion to be used if you have to move for unforseen circumstances like a job change.
3. We have no " closing date" on our new build. The county deed recorded from 2020 for land is all we have. Our general contractor said since it was cash he does not have a closing and he will not add our names and that is between " us".
When we signed contract, paid off subs, and he gave us a copy back his job was "done" but that is dated for 1/2021.
Should I use move in date to determine residency?
Date to determine residency is the date the home got it's "residency certificate" not when you actually moved in.
Read up on this in Pub 523 ... https://www.irs.gov/businesses/small-businesses-self-employed/sale-of-residence-real-estate-tax-tips
