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Submitted By: Roger
Answered: February 26, 2016 10:55 am
Answered: February 26, 2016 10:55 am
We’ve owned a home in New York for 40 years. Two years ago we purchased a home in South Carolina and plan to put our home up north up for sale. Can we claim the home sale exclusion?
It depends on when the sale takes place. If you sell so that you will have used the home for at least two years within the five years before the sale, you will be able to take the exclusion. If it takes a long time to sell and you are no longer using the New York home as your residence, you may be out of luck.
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Tax Glossary
Itemized deductions
Items, such as interest, state and local income and sales taxes, charitable contributions, and medical deductions, claimed on Schedule A of Form 1040. Itemized deductions are subtracted from adjusted gross income to arrive at taxable income. The amount of itemized deductions is also subject to a reduction when adjusted gross income exceeds certain limits.
