Question

short term capital gains on sale of house

Forum|Forum|4 years ago
July 28, 2021
1 reply
0 views

i sold my house a few months ago that i had owned for one year. So i understand i will have short term capital gains on the profit (less realtor expenses, improvements, etc.)

However, i also moved for work reasons. I am still with the same company however we wanted to start a presence in a new state and i will be leading this effort. my title within the company is unchanged. Are there any tax benefits/deferrals i can take to offset the short term capital gains on the sale of my house?

Nick-K-EA

If you had a qualifying work related move, you may qualify for a partial exclusion of the gain. This will apply under any of these circumstances:

You took or were transferred to a new job in a work location at least 50 miles farther from the home than your old work location. For example, your old work location was 15 miles from the home and your new work location is 65 miles from the home.
You had no previous work location and you began a new job at least 50 miles from the home.
Either of the above is true of your spouse, a co-owner of the home, or anyone else for whom the home was his or her residence.

The IRS provides additional information on partial exclusions in Publication 523.

Nick K, EA