Can a single person meet an exception to the rules for time to live in a principal residence if he or she develops a disability and needs to sell the home?

September 13, 2006

From:  Anonymous
Date:  Sat, 06 May 2006

Can a single person meet an exception to the rules for time to live in a principal residence if he or she develops a disability and needs to sell the home?

Answer

Date:  Wed, 14 Jun 2006

Hello,

Yes. The exception applies to health changes. (Internal Revenue Code Section 121(c)(2)(B).)

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.



Michael Gray, CPA
2482 Wooding Ct.
San Jose, CA 95128
(408) 918-3162
FAX: (408) 938-0610
Hours: 8am - 5pm PDT Monday - Friday

Find us on Facebook
Follow me on Twitter
Connect on LinkedIn
Connect on Google+
Our Blog
© 2018

Subscribe to Michael Gray, CPA's
Tax & Business Insight


We respect your email privacy