Great news if you must sell your home in less than 2 years!

If you are selling a highly appreciated home and have owned it and lived in it less than 2 years you generally don’t qualify for the special residence capital gain exclusion of $250,000 for single or head of house $500,000 for married! But alas congress and the IRS understand life and “UNFORSEEN” circumstances. You may qualify for partial exclusion of 250k/24 or 500k/24 x the number of months you owned and lived in it as your residence. i.e. 10 mo x 250/24= $100167 excluded.