your sale may qualify for a partial exclusion
two possible reasons
1) unforeseen circumstances - the primary reason for the sale is the loss of his job that would make it difficult to pay basic living expenses or
2) change in job location - the new place of employment is at least 50 miles farther from the taxpayers's old home than the former place of employment
1) the full exclusion is $250K for each of you
2) number of days/months each of you used it as a main home H)____ W______
3) number of days /months owned by either of you. use the longest of the two if they are different
4) smaller of 2 or 3
5) number of days since last used home sale exclusion measured by the time between sales
6) smaller of 4 or 6
7) divide 7 by 730 if using days for above or 24 if using months for above
😎 exclusion multiply line 1 for each of you by line 7
if the property was ever a rental different rules apply
you may want to consult a tax pro when it's time to do your return.
