capital gains exclusion

[reclusf]

What is the name of your state? California

Hi there,

Just curious: I've accepted an offer on my house, and I'm wondering about taxes. I don't pass the "use" test; I've owned the house less than two years. But, I'm moving 400 miles away and leaving my job, hence the sale.

From what I understand (and from talking to the IRS), I will get a partial exlusion (a percentage based on length of ownship). I'm just nervous...do I have to have already accepted a job offer or must I start a new job within a certain time to qualify?

Lastly, is there any sort of indication whether or not this tax law will remain for 2005? Sorry, that seems like a dumb question...I've just never dealt with this...

Thanks so much,

reclusf

 

[Snipes5]

I already answered your questions.

https://forum.freeadvice.com/showthread.php?t=248565

Just because you say you're nervous.

NO, the law will not be going away in 2005.

and NO you do not need to already be employed someplace else when you sell the house.

Next time at least keep the same questions in the same thread, or reference it or something, or ask if you don't understand the answers you are given. It's annoying when people ask the same questions over and over.

Snipes

 

[reclusf]

Thanks ever so much. And sorry for not finding that thread...it is annoying when people post the same questions!

Again thanks, and I'll get better with the search function...