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Updated over 6 years ago on . Most recent reply presented by

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Dave Engelberg
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Capital Gains - Closing After Moving

Dave Engelberg
Posted

Hey everyone! I have a question about avoiding capital gains tax

I bought my current home in New York on April 10, 2017. However, I did not move into the home until May 31, 2017. I then lived there until now. My spouse and I are moving to Florida on April 22, 2019. We are moving into a rental in Florida. We will still own the home in New York until we close (which won't be until at least June) and will be back and forth to take care of it and our possessions. 

Does this meet the two-year capital gains exception? I know the IRS allows for "temporary absences" (for example, seasonal absences) but I'm not sure this would count. 

Anyone have any ideas?

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