Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

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) detail...