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Updated over 1 year ago on .
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Capital Gains - Primary Residence
Hello!
My husband purchased a home in July 2022 in Kentucky. He has utilized as his primary residence since then. I moved in after we got married in October 2023. He will be getting orders (active duty military) and will need to move in May of 2024 to Texas. We are planning on purchasing a home in Texas in May of 2024. This will become our primary residence. We are planning on utilizing his VA loan to purchase the new home and I will not be on the loan. We will be a few years shy of the "living in the home in the past 2 of 5 years" when we move. Is there a way to avoid Capital Gains? Do we need to wait to sell until July of 2024? Will that even matter if his primary residence changes? I cannot buy the new house in my name due to the fact that I will be unemployed due to the move. We have an appointment with our accountant, but want to try and have a game plan before we meet with them. Is there an option to prorate the capital gains? Any creative suggestions?