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Deductions & credits
Yes. To qualify for the home sale exclusion, you needed to sell the condo within 3 years of moving out (you must have lived in the home at least 2 years of the 5 years prior to sale).
Job relocation is an exception to the 2 year rule. Your new job location must be at least 50 miles farther from the sold home than the old job location. You are entitled to a prorated amount of the $250,000 ($500,000 married) exclusion. Example : if you lived in the old home 438 days you could exclude up to 60% {438/(365x2)} or $150,000. The exception is allowed if the move was for employment or health reasons or "unforeseen circumstances".
‎June 3, 2019
10:22 AM