• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Capital Gains Exceptions (marriage)? (VA)

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

S

s4shawn

Guest
What is the name of your state? Virginia

Is there any way to avoid the capital gains tax on a home sale having lived in the home for less than one year? The reason for the homesale is to buy a new home with soon to be wife. I saw mention of writing to the IRS requesting an individual exclusion, any chance of that happening?

Thanks!
 


abezon

Senior Member
If you change jobs & sell the home around the same time, you can take a reduced exclusion. Any job change is sufficient. Just getting married is not an unforseen circumstance that allows for a reduced exclusion -- you chose to get married & buy a new house instead of staying in the current house for 2 years.

Your best bet is to stay in the house for another year, then buy a house together.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top