Capital gains

Forum|Forum|3 years ago
August 22, 2022
9 replies
44 views

Hey there,

We bought our home in CO on sept 30th 2020. We now have a closing date of voter 3rd 2022. This last month of September we were hoping to go to kc and job hunt and house hunt and stay with family. All out belongs would stay in Co and my husband would come back before closing to get all our belongings. Would we still be from capital gains?

Not A Product Question

Best answer by Anonymous_

Can you clarify the closing date? Is it October 3rd (or later)?

See https://www.irs.gov/taxtopics/tc701

You may qualify to exclude up to $500,000 of gain if you file a joint return with your spouse.

You're eligible for the exclusion if you have owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its date of sale.

Anonymous_Answer

Level 15

Can you clarify the closing date? Is it October 3rd (or later)?

See https://www.irs.gov/taxtopics/tc701

You may qualify to exclude up to $500,000 of gain if you file a joint return with your spouse.

You're eligible for the exclusion if you have owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its date of sale.

JessabAuthor

Level 2

We closed of the home September 30th 2020 and now our closing date is October 3rd 2022. We have consistently lived in the house the last two years but will be going to Kansas City the month of September without our belongings to find a home and job. Will that subtract from the two years?

NCperson

Level 15

@Jessab - temporary absences (vacations, etc.) still count as days living at your permanent home. So the fact that you are staying with relatives while house-hunting still count as days living in CO in your home.....