Posted by Ronald * Starr on August 30, 2001 at 22:58:12:
Mike-----
The IRS regulations are on the internet. I don’t have a reference. But a search should work fine.
Good InvestingRon Starr****
2 year residence exemption/taxes - Posted by DavidV
Posted by DavidV on August 30, 2001 at 13:47:01:
If i were to sell my residence under the 2 year exemption on a CFD and had to take it back, would i be able to resell again under the same exemption if it was a year later? Curious if the IRS would consider that a sale the first time around and not let me do it again. I would guess if i had to evict i could treat it as a rental situation. Would the money recieved from the get-go be treated as tax exempt on your return, then changed later if you had to evict? Any thoughts on this?
Re: 2 year residence exemption/taxes - Posted by JHyre in TexOhio
Posted by JHyre in TexOhio on August 30, 2001 at 14:09:16:
Interesting question…based on the literal language of the statute, you could resell it if it had been your primary residence for 2 of the last 5 years. I’d have to check the Regs to see if any other hurdles exist. The initial gain should still be treated as tax free, even if you evict.
John Hyre
Re: 2 year residence exemption/taxes - Posted by mike DE
Posted by mike DE on August 30, 2001 at 21:43:57:
Where does one locate the regulations for these types of tax questions without paying an accountant consult fees?
Thanks
Mike