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Will I have to report a capital gain for selling my residence?

September 21, 2005


Date:  Thu, 18 Aug 2005
From:  Francesca

Will I have to report a capital gain for selling my co-op residence? I lived there just under two years and bought a bigger house. The gain would be under $200,000.

Answer

Date:  Wed, 14 Sep 2005

Hello Francesca,

Unless you qualify for one of the exceptions for a partial exclusion, such as selling the home relating to being employed in another location or relating to a divorce, you have not met the requirements for the exclusion and the gain is taxable.

Good luck!
Mike Gray

We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.

IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this website was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.

Will I have to report a capital gain for selling my residence?

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