
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
you say you purchased in in 2012 and used it as your primary residence since then. if you were to move out today and wait to sell until 1/01/2022 (actually even later depending on the date you bought it in 2012) you would be entitled to the full $250,000 exclusion barring any change in the tax laws. the rules are you must own and occupy as your primary residence for 2 out of 5 years before sale. the 2 years do not have to be consecutive nor does it have to be your primary residence on the date you sell.
if you sold on 01/01/2022 the 5 year period would be 1/1/17 through 12/31/2021. from 1/1/17 to today 11/14/19 is more than 2 years so you meet the occupancy and ownership tests. the reason for sale is irrelevant since you qualify for the full exclusion.