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obie120
New Member

I am moving 100 miles away for my wife's new job. Will we qualify for a partial exclusion in capital gains tax even though we've only owned our home for 1.5 years?

We sold a home and purchased our current home in September of 2017. We plan to list our current home in March of 2019.
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Coleen3
Intuit Alumni

I am moving 100 miles away for my wife's new job. Will we qualify for a partial exclusion in capital gains tax even though we've only owned our home for 1.5 years?

Yes. There is a provision for moving due to work.

Partial Exclusion May Be Available

If you don't meet the eligibility test, 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.

Work-related move.

You meet the standard requirements if any of the following happened during the time you owned and lived in the home you sold:

  • You took or were transferred to a new job in a work location at least 50 miles farther from home than your old work location.
  • You had no previous work location and you began a new job at least 50 miles from home.
  • Either of the above is true of your spouse, a co-owner of the home, or anyone else for whom the home was his or her residence.

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1 Reply
Coleen3
Intuit Alumni

I am moving 100 miles away for my wife's new job. Will we qualify for a partial exclusion in capital gains tax even though we've only owned our home for 1.5 years?

Yes. There is a provision for moving due to work.

Partial Exclusion May Be Available

If you don't meet the eligibility test, 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.

Work-related move.

You meet the standard requirements if any of the following happened during the time you owned and lived in the home you sold:

  • You took or were transferred to a new job in a work location at least 50 miles farther from home than your old work location.
  • You had no previous work location and you began a new job at least 50 miles from home.
  • Either of the above is true of your spouse, a co-owner of the home, or anyone else for whom the home was his or her residence.

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