Home
Tax Articles
Tax FAQ
Introducing Our Firm
Our Services
Real Estate Taxletter
Need Help?
Other Websites
Site Map

Find us on Facebook
Follow me on Twitter
Connect on LinkedIn
Connect on Google+

Will I have to pay capital gains on my recent principal residence if I moved three years ago?

August 21, 2008


From:  Patrice
Date:  12 Jun 2008

I have a home in Maryland that Iíve owned since October 1999. I had to move to Missouri in August 2006 to take care of my grandmother. I began renting my home in Maryland in September 2006. I purchased another home in Missouri in December 2007. Will I have to pay capital gains tax if I sell my home in Maryland in 2009?

Answer

Date:  03 Jul 2008

Hello Patrice,

If you sell the home before August 2009, you should qualify for the exclusion. You must have used the home as a principal residence for more than two years out of the five years before the sale to qualify. From your explanation, you should have qualified for the years ended July 31, 2005 and July 31, 2006.

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 pay capital gains on my recent principal residence if I moved three years ago?

Home | Real Estate Taxletter | Articles | FAQ | Introducing Michael Gray, CPA | Need Help? | Other Links


Michael Gray, CPA
2190 Stokes St., Suite 102
San Jose, California 95128-4512
(408) 918-3162
Fax (408) 998-2766
email: mgray@taxtrimmers.com
© 2016
Subscribe to
Michael Gray, CPA's
Real Estate Tax Letter
!

subscribe
unsubscribe