Selling home less than 2 years for same job relocation that is not mandatory.

[hyawatha15]

Hello, I'm about to sell my house to relocate from Illinois to Tennessee. This move was not mandatory, but something my company was hoping to get some senior employees to do to help start a new studio in Nashville.

Is there any kind of exemption that I can use to help avoid paying Capital Gains tax? I purchased for $225,000 in June of 2020 and am selling for $310,000 late April, if that helps.

[Vanessa A]

Yes, you can claim a partial exclusion when you move for a job with a location greater than 50 miles from your previous work location. 

As you walk through your home sales entries, TurboTax will ask you why you moved and help calculate how much you can exclude from capital gains since you moved for work.