Is repeated use of reduced maximum exclusion ok?

#6 07-09-2004, 05:00 PM

- quote -

> > > I have a question.
> > > > > I owned a home as a primary residence from April 2002 to
> > > August 2003. Because I was in the military and sold the home
> > > for reasons of new employment, i qualified and elected to
> > > take a reduced maximum exclusion on gains from the sale of
> > > the house.
> > > > > I then purchased another home in November of 2003 but am
> > > planning on selling again because of new employment this
> > > August of 2004 (10 months).
> > > > > The question is can i take the 10/24ths reduced maximum
> > > exclusion on the sale of my current home?
> > > > > I recognized that I have taken the exclusion once within the
> > > past two years, but am I able to take it again because of
> > > the reason of taking a new job?

> > Nope!!=(: You'll find qualifiers and examples using this URL:

> Actually, yes he can.

Actually, I agree!!=

"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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#5 07-09-2004, 05:00 PM

taxservice[at]aol.compliance (John H. Fisher) writes:

- quote -

> > I recognized that I have taken the exclusion once within the
> > past two years, but am I able to take it again because of
> > the reason of taking a new job?

> Nope!!=(: You'll find qualifiers and examples using this URL:
> http://www.irs.gov/publications/p523/ar02.html#d0e3134

Too quick a read!!=

The "Nope" should read "Yes"=

You'll
find qualifiers and examples using the above referenced URL.

Sorry 'bout that!!=

"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!=

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#4 07-05-2004, 10:20 PM

- quote -

> > I have a question.
> > > I owned a home as a primary residence from April 2002 to
> > August 2003. Because I was in the military and sold the home
> > for reasons of new employment, i qualified and elected to
> > take a reduced maximum exclusion on gains from the sale of
> > the house.
> > > I then purchased another home in November of 2003 but am
> > planning on selling again because of new employment this
> > August of 2004 (10 months).
> > > The question is can i take the 10/24ths reduced maximum
> > exclusion on the sale of my current home?
> > > I recognized that I have taken the exclusion once within the
> > past two years, but am I able to take it again because of
> > the reason of taking a new job?

> Nope!!=(: You'll find qualifiers and examples using this URL:

Actually, yes he can.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#3 07-05-2004, 02:49 PM

mark wrote:

- quote -

> I have a question.
> I owned a home as a primary residence from April 2002 to
> August 2003. Because I was in the military and sold the home
> for reasons of new employment, i qualified and elected to
> take a reduced maximum exclusion on gains from the sale of
> the house.
> I then purchased another home in November of 2003 but am
> planning on selling again because of new employment this
> August of 2004 (10 months).
> The question is can i take the 10/24ths reduced maximum
> exclusion on the sale of my current home?
> I recognized that I have taken the exclusion once within the
> past two years, but am I able to take it again because of
> the reason of taking a new job?
> Thanks for any advice.

I know of no situation where back-to-back partial exclusions
can't be taken as long as they are based on DIFFERENT
reasonable cause events - and where one event could not have
been forseen at the time of its predecessor.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#2 07-05-2004, 02:49 PM

"mark" <riddler[at]medscape.com> wrote:

- quote -

> I have a question.
> I owned a home as a primary residence from April 2002 to
> August 2003. Because I was in the military and sold the home
> for reasons of new employment, i qualified and elected to
> take a reduced maximum exclusion on gains from the sale of
> the house.
> I then purchased another home in November of 2003 but am
> planning on selling again because of new employment this
> August of 2004 (10 months).
> The question is can i take the 10/24ths reduced maximum
> exclusion on the sale of my current home?
> I recognized that I have taken the exclusion once within the
> past two years, but am I able to take it again because of
> the reason of taking a new job?

Yes you can.

--
David M. Woods, EA
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#1 07-05-2004, 02:30 PM

riddler[at]medscape.com (mark) wrote:

- quote -

> I have a question.
> I owned a home as a primary residence from April 2002 to
> August 2003. Because I was in the military and sold the home
> for reasons of new employment, i qualified and elected to
> take a reduced maximum exclusion on gains from the sale of
> the house.
> I then purchased another home in November of 2003 but am
> planning on selling again because of new employment this
> August of 2004 (10 months).
> The question is can i take the 10/24ths reduced maximum
> exclusion on the sale of my current home?
> I recognized that I have taken the exclusion once within the
> past two years, but am I able to take it again because of
> the reason of taking a new job?

Yes, you can take a reduced exclusion in less than two
years. This is explained in IS Pub 523.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

07-05-2004, 02:30 PM

- quote -

> I have a question.
> I owned a home as a primary residence from April 2002 to
> August 2003. Because I was in the military and sold the home
> for reasons of new employment, i qualified and elected to
> take a reduced maximum exclusion on gains from the sale of
> the house.
> I then purchased another home in November of 2003 but am
> planning on selling again because of new employment this
> August of 2004 (10 months).
> The question is can i take the 10/24ths reduced maximum
> exclusion on the sale of my current home?
> I recognized that I have taken the exclusion once within the
> past two years, but am I able to take it again because of
> the reason of taking a new job?

Nope!!=(: You'll find qualifiers and examples using this URL:

http://www.irs.gov/publications/p523/ar02.html#d0e3134

"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!=

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#-1 07-02-2004, 06:13 PM

I have a question.

I owned a home as a primary residence from April 2002 to
August 2003. Because I was in the military and sold the home
for reasons of new employment, i qualified and elected to
take a reduced maximum exclusion on gains from the sale of
the house.

I then purchased another home in November of 2003 but am
planning on selling again because of new employment this
August of 2004 (10 months).

The question is can i take the 10/24ths reduced maximum
exclusion on the sale of my current home?

I recognized that I have taken the exclusion once within the
past two years, but am I able to take it again because of
the reason of taking a new job?

Thanks for any advice.

Mark

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

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