DEAR BOB: My son and I have owned our home where we have lived together since June 2006. It has been our plan to sell it in July 2008 and make a nice profit so each of us can take advantage of the $250,000 home-sale tax exemption. However, his employer might send him to Afghanistan for a full year in January 2007. How will that affect our plan to sell in 2008? --Mr. J.M. DEAR MR. J.M.: As you probably know, Internal Revenue Code 121 provides a principal-residence home-sale tax exemption up to $250,000 if you own and occupy your home at least 24 of the last 60 months before its sale. Purchase Bob Bruss reports online. When your son moves out in January 2007 for a long-term job in Afghanistan, he will lose his full eligibility for his $250,000 exemption. Of course, you will retain your f...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.