Hello Carl, I saw something very interesting in your answer which might apply to me. Here is my situation.
I am a military service member and purchase a house in Colorado Springs, Colorado in July 2014. But I lived there only until the end of October in 2015 and did not live there for 2 years out of 5 to meet the residency requirements due to my military Permanent change of Station to South Korea. So, I rented out that house started from 12 November 2015 until now. I now am considering selling that house to pay off my credit card debts and the equity loan I took out from that house. The gain would be approximately $80,000 to $90,000. I read the IRS pub 523 and it said that I could be eligible for the partial exclusion because of job related reason move. I would like to make a decision whether I should sell it or not by that capital gain tax. If I have to pay capital gain tax, I might only be pay off my equity and would like to keep it until I pay off my equity loan. Thanks in advance.
