Solved: I sold a home just shy of 2 years due to loss of job and bought new home to reduce payment, is there a way to exclude the gain on home sold?
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I sold a home just shy of 2 years due to loss of job and bought new home to reduce payment, is there a way to exclude the gain on home sold?

Owned home for 23 months.  Lost job 8/5/16 and closed on sold home and new home on 11/17/16.  Sold home to reduce my monthly mortgage payment due to job loss.  I thought there was an ability to exclude the capital gains in my case.
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Level 9

I sold a home just shy of 2 years due to loss of job and bought new home to reduce payment, is there a way to exclude the gain on home sold?

Yes, if you don't meet the eligibility test (2 years), 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.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Level 9

I sold a home just shy of 2 years due to loss of job and bought new home to reduce payment, is there a way to exclude the gain on home sold?

Yes, if you don't meet the eligibility test (2 years), 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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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