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beka1007
New Member

I closed on a home 7/17/2020. The house just went on the market and I am looking to close on 7/18/2022 or after. If I close sooner will I pay capital gain taxes?

My husband just retired from the military and we are moving, I have received another job in a different state.
Are there any or partial exemptions?
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2 Replies

I closed on a home 7/17/2020. The house just went on the market and I am looking to close on 7/18/2022 or after. If I close sooner will I pay capital gain taxes?

You would get a partial exemption as explained here. 

https://turbotax.intuit.com/tax-tips/jobs-and-career/changing-jobs/L5ElUIrh6

 

I closed on a home 7/17/2020. The house just went on the market and I am looking to close on 7/18/2022 or after. If I close sooner will I pay capital gain taxes?

assuming you qualify for the  partial exclusion due to relocation for a job, the exclusion would be reduced by $500,000/ 730 or $685 per day for each day prior to 7/18/22.  

 

what date did you sell and close on the PRIOR home - that may impact the two year measurement period. 

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