What is Capital Gains Partial Exclusion for Home Sale?

There are some instances where you may not meet all the tests, but you would be eligible for a partial tax break. If you sell your home due to special or unforeseen circumstances, your tax preparer can talk to you about a capital gains partial exclusion for home sale. These instances would be such as unemployment or a change in your health.

Capital Gains Partial Exclusion for Home Sale

This figure is calculated as a fraction of the time that you would have met the two-year test. Let’s say you lost your job and sold your home after only being in it a year and three months.… Read the rest