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My question is: US-specific
QUESTION: My husband and I bought a condo back in september 2002. This is our primary residence.
We want to move to a bigger place. Do we need to wait until september 2004 to sell the unit in order to avoid capital gains tax?
We bought it for 334,000,and I think we can get 420,000.
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david ingram replies:
You have to live in it for 2 full years unless you have to sell because of illness, job transfer, divorce, layoff or other disaster.
Wanting a bigger condo and being able to afford it would NOT qualify as a disaster.
For others, who do have a disaster and have to sell before the two years is up, the $250,000 exemption per person is pro-rated by the number of months you did live in the home.
So, if you were there for exactly 12 months, your exemption would be 12/24 x's $250,000 or $125,000 tax free capital gains per owner.
six months would be $62,500, 18 months would be $187,500.
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