kamlet[at]panix.com (Arthur Kamlet) wrote:

[snip]
- quote -

A shotgun wedding, maybe?

Since marriages are generally agreed to and planned on
pretty long schedules, and there is rarely a time constraint
other than the desires and convenience of the parties
involved, it seems to me that it would be difficult to make
a case that any but an unusual marriage should be considered
unforeseen.

--
Chris Green

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jtc <jtamchay[at]yahoo.com> wrote:
- quote -

Well, the IRS has determined that divorce is unforeseen.

Marriage is not on their unforeseen list, but an aggressive
position might be taken that if the partivcular facts of the
case show the marriage was not foreseen, that this marriage
-- but not marriage generally -- would be an unforeseen
circumstance.

If your local tax professional is willing to support that
position, having heard the facts of the situation, and
agrees to represent your case before the IRS if you are
challenged, you might consider prorating the Section 121
exclusion amount for a sale due to unforeseen cirumstance.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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"Arthur Kamlet" <kamlet[at]panix.com> wrote:
- quote -

okay: answer would be to marry the former husband....is that
unforseen and unforseeable? Certainly is in the case I
presented earlier in another thread; so should we just shoot
for that

--
jtamchay[at]yahoo.com
all incoming and outgoing mail scanned with Norton AntiVirus
protection

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"Phil Marti" <philmarti[at]aol.com> wrote:
- quote -

Ferris was really really sick she said.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Boston, MA 02109

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Zokko <zokko[at]mail.com> wrote:

- quote -

If you moved before the 2-year time limit was met, due to
certain unforeseen circumstances, then you can prorate the
exclusion amount.

Why did you move?

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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zokko[at]mail.com (Zokko) wrote:

- quote -

Why did you move 4 years ago? What was the house being used
for since then?

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"Zokko" <zokko[at]mail.com> wrote:

- quote -

It's not, that's why you couldn't confirm it.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Boston, MA 02109

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- quote -

If you owned and lived in the property as your main home for
less than 2 years, you may still be able to claim an
exclusion in some cases. The maximum amount you can exclude
will be reduced.

You can claim this reduced exclusion if either of the
following is true.

(1) You did not meet the ownership and use tests on a home
you sold due to:
. health reasons
. a change in place of employment
. to the extent provided by regulations, unforeseen
circumstances. (see below)

(2) Your exclusion would have been disallowed because of the
rule on selling more than one home in a two year period,
except you sold the home due to:
. health reasons
. a change in place of employment
. to the extent provided by regulations, unforeseen
circumstances. (see below)

Use the worksheet in Publication 523, Selling Your Home, to
figure your reduced exclusion.

The IRS has issued temporary regulations. These regulations
provide guidelines for taxpayers with reduced maximum
exclusion circumstances. Temp: reg. 1.121-3T (e) details the
"unforeseen circumstances" guidelines. See Temp reg 1.121-3T
and Publication 523, Selling Your Home.

"Jack" - John H. Fisher - TaxService[at]aol.com
Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ
My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html

Where Ignorance is bliss, 'tis folly to be wise!=

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- quote -

They are correct, providing they have moved to a nursing
home or other facility. But that is the only reason the one
year would work.

Helen, EA in PA
Member of The Tax Gang
Director, National Assoication of Enrolled Agents
Immediate Past President, PA Society of Enrolled Agents

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zokko[at]mail.com (Zokko) writes:

- quote -

I love the "Sally's sister's boyfriend's cousin's roommate's
hairdresser says" method of tax research.

See "Reduced Maximum Exclusion" in IRS Publication 523.

Phil Marti
Topeka, KS

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I'm familiar with the "use" requirement of selling a home that you
must have lived in the home for 24 months within the last 5 years to
avoid paying capital gains taxes (for me and my wife that would be a
$500k exclusion). A friend of mine told me that the IRS has told him
that if he and his spouse could still avoid taxes if they went beyond
the 5 year treatment such that it would only be 1 year of the last 5
years, that you could still exclude $250,000 from capital gains. I've
checked everywhere but I haven't read anything to suggest that this is
true. Can someone shead some light on this subject?

Thanks

Mark

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