Order of events:
Purchased a Georgia home in April 2020 (cash purchase, not as a like kind exchange).
In
January 2023 I quit my employer.
March 2023 told my husband I wanted us to move back to Texas.
We l
isted the Georgia home in April 2023 and contacted
our
Realtor in Texas with instructions to begin looking for a new home in Houston.
We
told my realtor it may take m
y husband
up to a year to find a new job in Texas
then
move there
.
On 05 May 2023 the house in Georgia sold
(we only lived there 18 months out of the 36 months
we owned this home
).Then
we purchased a new home in Texas
a few days later
on 12 May 2023.
I (
the
unemployed wife) moved to Texas immediately,
my
h
usband worked remotely in
Texas until less than 6 months later
(in October 2023)
he found
his
new
employer
with a NASA major contractor
in Texas,
leaving
his old employer
an Air Force major contractor in Georgia
.
Will this >50 mile move to
his
new job location qualify
for the partial 18 of 24 months exclusion,
even though it took
him
a little
less than 6 months to find
his
new job in Texas
?
We did take a partial exclusion less than 2 years earlier
(31-May-21)
due to a change in job
s/unemployment
and
then a
> 50 miles relocation
from Florida to Georgia
.
It does not appear you would meet the partial exclusion test for a work-related move. Publication 523 (extracted below) states:
"You meet the requirements for a partial exclusion if any of the following events occurred during your time of ownership and residence in the home.
It would appear you nor your spouse had ownership or residence in the home when the new job was obtained more than 50 miles away.
It does not appear you would meet the partial exclusion test for a work-related move. Publication 523 (extracted below) states:
"You meet the requirements for a partial exclusion if any of the following events occurred during your time of ownership and residence in the home.
It would appear you nor your spouse had ownership or residence in the home when the new job was obtained more than 50 miles away.
I was afraid of this; we did own the property for several years so I will be able to claim it as long-term capital gains, I think.