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Question

Residency and Capital Gains on house question

Forum|Forum|1 year ago
February 9, 2025
1 reply
0 views

If someone changed their address in January of 2023, filed taxes using new address in 2023, but did not change license until July of 2024, when what date do they have to sell house by to avoid capital gains based on the 730 day rule?

It depends. You need to have lived in the house for a minimum of 2 years (730 days) out of the last 5 years. So, the sale would need to occur no later than 3 years from when you last occupied the home as a primary residence, assuming you lived there for at least 2 continuous years. ‌You can't delay changing your mailing address to meet this rule.

Refer to Publication 523 for details of the eligibility test to determine if you can exclude the gain of $250,000 (or $500,000 if married filing jointly) on the sale of a principal residence.