Hi HACKITOFF, To help clarify - Yes, I've lived continuously in the house (my only residence) since it was purchased in 2012. Also, I should have specified in reference to the $250,000 limit that I'm a single filer and will continue to be one when I sell the house. My question would be if there are any tax benefits (e.g., your mention of a bigger exclusion, or more than $250,000) if you were moving specifically for work, and you had lived in your home as a primary residence for more than two years. Below is the benefit described by the IRS for those who move before they hit the two year mark in home ownership: Work-Related Move You meet the requirements for a partial exclusion if any of the following events occurred during your time of ownership and residence in the home. You took or were transferred to a new job in a work location at least 50 miles farther from the home than your old work location. For example, your old work location was 15 miles from the home and your new work location is 65 miles from the home. You had no previous work location and you began a new job at least 50 miles from the home. Either of the above is true of your spouse, a co-owner of the home, or anyone else for whom the home was his or her residence. similar to those extended to homeowners who are moving for work related purposes if they have lived in their home for greater than two years, similar to the partial benefit the IRS extends to those who must move for work but have only lived in their home for less than two years.
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Hello, My question is related to the partial exclusion of the capital gains for a home sale. I lost my job this year and accepted an offer in another state (at least 160 miles away from my current residence). I will be selling my home to relocate to my new job and have questions about how the IRS' Partial Exclusion of Gain would affect my home sale? I purchased my home for $219 K in 2012. It's been my primary residence since then. My home is expected to sell for (at least) $500 k per the realtor. As the capital gains difference would be greater than $250 K, what would the IRS' Partial Exclusion of Gain be for capital gains when I sell my house because I have to move to another state?
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