Agent

Home seller attempts to outsmart real estate tax law

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DEAR BOB: In 1999 I bought a house in Florida as a single woman. That same year, I married and moved to Washington, D.C. My daughter lived in the home and cared for it. I sold the home in 2003 at a profit. Can I take advantage of that $250,000 tax exemption you often discuss? I believe I should qualify due to the "unforeseen circumstances" clause and also "change of employment" of my spouse, so I don't have to meet the two-year residency requirement – Diane F. DEAR DIANE: Nice try. Sorry, you don't appear to qualify for the Internal Revenue Code 121 principal residence sale $250,000 tax exemption. You only occupied the house a few months before moving out. Purchase Bob Bruss reports online. Your marriage doesn't qualify as an "unforeseen circumstance." Neither does your spouse's change of employment location since he wasn't on the title nor was he a resident of the house. Also, your daughter's occupancy of the house doesn't qualify because she was not on the title. If you moved ...