Capital Gain Reduced Or Maximum Exclusion?
I move to Chicago last Oct 2003 from California and sold my primary residence for less than 2 years (20mos)due to job relocation. Primary residence was place for rental for 6 months for 2004 before putting it on For Sale and was sold on December. I purchase a new house in the Suburbs Dec 2003 and wife is currently a full time student. Is my capital gain taxable or can I use reduced exclusion if not Maximum exclusion? Any advice on what to expect before going to tax advisor/H&RB?
It would appear that the job relocations qualifies you for a partial exclusion.