Hello @DianeW,
I have a related question:
- I moved into my current home on July 1, 2017
- I sold my previous home on November 7, 2017 and I did use the Home Sale Tax Exclusion
- I quit my job recently and my wife and I have no additional income (we are currently living off withdrawn IRA funds)
- I want to sell my existing home and use the Home Sale Tax Exclusion again (I know the hurdle is that it hasn’t been two years since the use of the exclusion with the sale of my prior home; I have lived in my current home continuously for the past 25 months)
- I anticipate my gain being less than $100,000 (wife and I will likely file jointly), so a partial exclusion would work fine (based off of the $500,000 typical exclusion pro-rating)
- If I sale the home BEFORE November 7, 2019, will I qualify for the partial exclusion of gain via 26 CFR § 1.121-3 paragraph (e)(2)(iii)(C)?
- (C) A change in employment or self-employment status that results in the taxpayer's inability to pay housing costs and reasonable basic living expenses for the taxpayer's household (including amounts for food, clothing, medical expenses, taxes, transportation, court-ordered payments, and expenses reasonably necessary to the production of income, but not for the maintenance of an affluent or luxurious standard of living);
Thank You!
