Hello,
my husband and I bought our first home in March of 2020. He got a new job and we are in the process of selling our home to relocate three hours away.
Being that we only lived here for 1.5 years I know we will have capital gains, but we are trying to research our exemption options.
How do we file exemptions for relocating for employment, and how much deduction is that for the total amount?
Are there any rules where we have to buy our next home in a certain amount of time to not pay the capital gains?
thanks!
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A partial exclusion for change in employment is handled in the home sale section of the interview so just follow the interview screens carefully. Most important is that you indicate you got a 1099-S at the closing and click on that box ...
To report the sale of a primary personal residence -
Rollover of your capital gain into your new home - that option was taken out of the Tax Code a long time ago.
How much profit do you have after 18 months?
Don't forget to adjust for closing costs.
For work-related moves see https://www.irs.gov/publications/p523#en_US_2020_publink100073097
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