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Old 03-10-2004, 02:19 PM
MandiC
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Question

reduced maximum exclusion

What is the name of your state? CA


My husband and I have owned a townhome in California for 1 yr and 1 month. My husband's enlistment in the Air Force is ending this year (our major source of income). We decided we want sell our home (with a profit of 80k) and move to Oregon and start a business. The IRS form 523 says you can get a reduced maximum exclusion on capital gains if the main reason you're selling your home is due to a change in employment, including "the start or continuation of self-employment". Does our situation count?
If not, how much will we have to pay (we're in the 15% tax bracket).
If it does, are there any steps we should take to avoid getting audited?
Thanks!
  #2  
Old 03-11-2004, 12:04 AM
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Join Date: Aug 2002
Location: Washington
Posts: 3,484
You will qualify for a reduced exclusion since hubby is leaving the AF.
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