Illness exception to the 2-year rule.?
Capital gains tax? I just purchased a home in Arizona 3 months ago. Now I need to move. I am 72 years old and find the desert dirt, dust makes me ill. Very severe allergies.
At my age I don't have 2 years to sit and wait before I can move to cleaner air. Is there an exception in the 2-year rule due to illness?
- STEPHENLv 710 months ago
There's no exception. You're talking about the IRS here. They don't make "exceptions".
Besides, it isn't their fault you bought a house and then changed your mind.
- SlickterpLv 710 months ago
No, there is no illness exception.
- Anonymous10 months ago
< I just purchased a home in Arizona 3 months ago >
Will you even have any capital gains?
- babyboomer1001Lv 710 months ago
No. Why didn't you check out the area BEFORE you moved there?
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- Casey YLv 710 months ago
You'd have to have gains...how much capital gain could you possibly have in 3 months? Don't worry about it...even if you improved...you wouldnt get back what you spent on this.
You might get some exception, but unlikely ultimately. From where did you move and to where would you move?
- Beverly SLv 710 months ago
What 2 year rule? You can sell your home anytime.. no mortgage requires you to keep your home 2 years.Source(s): Mortgage lender 33 years.
- JudyLv 710 months ago
If you can show your move from AZ is health-related, you are most likely eligible for a partial exclusion, prorating the exclusion limit for the time you WERE eligible out of 2 years. Might not be a problem anyway, since you're not likely to have much gain, if any, in a few months of ownership.
- SimplytheFACTSLv 710 months ago
i doubt it, but how much will you really gain that it will make that much of a difference. you might not even profit at all.