- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Sorry ... I read the 2020 as 2002 ... so you may be allowed a partial exclusion if you cannot push the closing back to the 2 year mark.
There are exceptions, for "unforeseen circumstances", to meeting the two year rule, to qualify for a reduced maximum home sale exclusion (just being able to live cheaper would not qualify).
- a change in your place of employment
- health problems that require you to move, or
- circumstances you didn't foresee when you bought the home that force you to sell it. For example, a death in the family, losing your job and qualifying for unemployment, not being able to afford the house anymore because of a change in employment or marital status, a natural disaster that destroys your house, or you or your spouse have twins or another multiple birth.
References:
‎September 25, 2022
1:30 PM
3,110 Views