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Tax, SDIRAs & Cost Segregation

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Brit Foshee
  • Investor
  • Fort Myers, FL
197
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462
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Capital gains exclusion for two year homestead exceptions

Brit Foshee
  • Investor
  • Fort Myers, FL
Posted Apr 29 2015, 09:02
I have thoroughly investigated the IRS website and still have a few questions I was wondering if someone could help me out with. It appears that I qualify for some exceptions but after researching it's still unclear. There are two exceptions I believe I qualify for. 1) I was married in March. According to the irs, marriage is an exception. Is it that cut and dry? Is it a full exception? 2). My wife has been requested to transfer. According to the IRS a move because of a job is an exception but is only a partial exception. Any clarification on this ? How is the partial exception calculated. I have on my primary residence for 14 months. I'm poised to profit about $75,000. My wife and I would like to move and have her take that job, but we would owe the irs approximately $20,000 if we didn't qualify for any exceptions. Thanks for any input. Brit.

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