Capital gain exclusion

[naiomi82]

I have owned my home for 8 months if I was to loose my job and have to relocate to a different state for work  can I be excluded from paying capital gains taxes??   I paid 285k I owe 183 k I put it 20k in remodeling I wanted to stay for 2 yrs but afraid my job will be cut. I'm in new york state.

[Mike9241]

I have owned my home for 8 months if I was to loose my job and have to relocate to a different state for work  can I be excluded from paying capital gains taxes??   I paid 285k I owe 183 k I put it 20k in remodeling I wanted to stay for 2 yrs but afraid my job will be cut. I'm in new york state.

if you move before owing and occupying the home for 2 years due to a job change you would be entitled to a partial exclusion based on the number of months (you can also use days) owned or lived-in whichever is less divided by 24 months or if you use days 730 days times $250,000 (assuming you're the only owner and not married) 

your mortgage doesn't enter into the calculation of gain or loss but the remodeling costs do. also, closing costs on purchase and selling costs. a loss is not deductible. 

not sure of NY laws