Capital Gains Tax
I am about to sell my house in San Diego, CA. My wife and I did live in the house for 1 1/2 years, but I had to relocate to San Francisco because of a federal job offer. Because I did not live in the house for the required 2 years does my having to move for work preclude me from having to pay capital gains tax? Any help on this matter would be greatly appreciated.
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See IRS Publication 523 for more information regarding a partial exclusion if you had to sell your home due to a change in employment (or other special exclusion)
"....if the primary reason for the sale is for a qualifying individual to start work with a new employer or to continue work with the same employer if the new place of employment is at least 50 miles farther from the main home than the former place of employment was....."