DEAR BOB: I have owned my condominium since March 31, 2005. But I am interested in relocating in the next few months for career purposes. Someone told me I might be exempt from capital gains tax on the sale of my condo -- although I have not lived in it for 24 months -- if I sell for career or educational purposes. Is this true? --Annmarie S. DEAR ANNMARIE: If you sell your principal residence due to a job location change that qualifies for the moving-expense tax deduction, you may be eligible for a partial Internal Revenue Code 121 $250,000 exemption based on the number of months of primary-residence ownership and occupancy. Purchase Bob Bruss reports online. However, moving for "educational purposes" clearly does not qualify unless you obtain a new job where you attend school. For full ...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.