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?

[jh5623]

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.

[MaryK1 · Accepted solution]

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.