Agent

Is partial real estate tax break for real?

Homeowner must sell before 2 years is up

The real estate event of the summer
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DEAR BOB: In a recent article, a reader asked you what can be done when a home seller had to sell after less than 24 months' occupancy during the last 60 months. You said if you lived in the house 18 months, for example, instead of the required 24 months, you could take 75 percent of the exemption. No Realtor I know is aware of this. Neither could I find any tax preparer who knew about this exception. And I cannot find this information in any IRS publication. Please tell me where I can find a legal, authoritative writing that will agree with your opinion. --Raymond L. DEAR RAYMOND: I am shocked you couldn't easily find information on this well-known tax break for qualified home sellers. However, only the best real estate agents will know about Internal Revenue Code 121(c) details so I am not surprised the agents you consulted were unaware of it. Purchase Bob Bruss reports online. Every competent tax preparer should understand the partial exemption of IRC 121(c). However...