DanO
New Member

Deductions & credits

Yes, but maybe not all.  Even though you did not live in you home for 2 years you can still qualify for partial exclusion from capital gains.

The reduced exclusion when you haven't owned and lived in you home for 2 or past 5 years is available if you sold your home early due to a change of employment, or a change in health, or because of other unforseen circumstances, such as divorce.

You can figure your exclusion by this formula:

Time (months) you lived in house Divided by 24 months Times $250,000.

For example 18 / 24 * $250,000 = $187,500 exclusion.

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