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I sold a home just shy of 2 years due to loss of job and bought new home to reduce payment, is there a way to exclude the gain on home sold?
Owned home for 23 months. Lost job 8/5/16 and closed on sold home and new home on 11/17/16. Sold home to reduce my monthly mortgage payment due to job loss. I thought there was an ability to exclude the capital gains in my case.
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June 6, 2019
12:41 AM
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Deductions & credits
Yes, if you don't meet the eligibility test (2 years), you may still qualify for a partial exclusion of gain if you moved because of work, health, or an unforeseeable event.
You can qualify either by meeting a set of standard requirements (the “safe harbor” provisions) or by showing enough facts and circumstances to validate your claim.
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June 6, 2019
12:41 AM