|
#3
03-21-2005, 03:48 AM
| |||
| |||
 Re: Sale of home before 2 years and unforeseen circumstances "enduranceal" <taxman99[at]aol.com> wrote: - quote - > Person sells home after living in home for 14 months.
Why bother with unforeseen circumstances? There is a> Person saids home was sold because she had a heart operation > (She is 72) and she was very ill and the home was to big for > her to maintain and clean in her condition. When she moved > into the home she was in good health, heart problems > happened 12 months after she moved into the new home. Home > was about 2000 sq feet in addition to big yard. She sells > home and buys 1000 sq. ft. condo that will require much less > house work and maintenance. > Would this qualify as an unforeseen circumstances in order > to able to exclude some of the profit from capital gains? medical reason in there. -- David M. Woods, EA, ChFC, CLU 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 > << -------------------------------------------------> |
|
#2
03-18-2005, 11:45 AM
| |||
| |||
| Re: Sale of home before 2 years and unforeseen circumstances "enduranceal" <taxman99[at]aol.com> wrote - quote - > Person sells home after living in home for 14 months.
I'd say it was an easy "yes" if the prior home was two story> Person saids home was sold because she had a heart operation > (She is 72) and she was very ill and the home was to big for > her to maintain and clean in her condition. When she moved > into the home she was in good health, heart problems > happened 12 months after she moved into the new home. Home > was about 2000 sq feet in addition to big yard. She sells > home and buys 1000 sq. ft. condo that will require much less > house work and maintenance. > Would this qualify as an unforeseen circumstances in order > to able to exclude some of the profit from capital gains? and the new home is one story. Sometimes smaller homes are just as hard to clean. Are there any other reasons the new home is better for her medical condition than the ease of cleaning? I'd be shooting for something along those lines instead. Something more medical related. -- Paul A. Thomas, CPA Athens, Georgia taxman at negia.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#1
03-18-2005, 11:26 AM
| |||
| |||
| Re: Sale of home before 2 years and unforeseen circumstances enduranceal wrote: - quote - > Person sells home after living in home for 14 months.
For sure if she gets her physician to put it in writing that> Person saids home was sold because she had a heart operation > (She is 72) and she was very ill and the home was to big for > her to maintain and clean in her condition. When she moved > into the home she was in good health, heart problems > happened 12 months after she moved into the new home. Home > was about 2000 sq feet in addition to big yard. She sells > home and buys 1000 sq. ft. condo that will require much less > house work and maintenance. > Would this qualify as an unforeseen circumstances in order > to able to exclude some of the profit from capital gains? a change in residence was required for her health. -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
03-18-2005, 11:26 AM
| |||
| |||
| Re: Sale of home before 2 years and unforeseen circumstances enduranceal wrote: - quote - > Person sells home after living in home for 14 months.
It sounds like a health problem (an allowed exception) and> Person saids home was sold because she had a heart operation > (She is 72) and she was very ill and the home was to big for > her to maintain and clean in her condition. When she moved > into the home she was in good health, heart problems > happened 12 months after she moved into the new home. Home > was about 2000 sq feet in addition to big yard. She sells > home and buys 1000 sq. ft. condo that will require much less > house work and maintenance. > Would this qualify as an unforeseen circumstances in order > to able to exclude some of the profit from capital gains? would allow her to claim a partial exclusion based on her ownership and occupancy facts. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#-1
03-17-2005, 06:30 AM
| |||
| |||
| Sale of home before 2 years and unforeseen circumstances Person sells home after living in home for 14 months. Person saids home was sold because she had a heart operation (She is 72) and she was very ill and the home was to big for her to maintain and clean in her condition. When she moved into the home she was in good health, heart problems happened 12 months after she moved into the new home. Home was about 2000 sq feet in addition to big yard. She sells home and buys 1000 sq. ft. condo that will require much less house work and maintenance. Would this qualify as an unforeseen circumstances in order to able to exclude some of the profit from capital gains? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| circumstances, home, sale, unforeseen, years |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Difficult "unforeseen circumstances" Thomas Healy: Hello, all, Some of you have commented that there has been a fall-off in professional to professional discussion. Herewith my contribution to... | Taxes | 6 | 02-21-2005 07:44 AM | |
| Sale of Home before 2 years - Prorated Tax Exclusion Lee: I'd just like to confirm the following and make sure that my understanding is correct. I have a primary residence that I've lived in for 1 year.... | Taxes | 7 | 05-17-2004 11:03 PM | |
| Investment info still shows in reports years after a sale redwhiteblack: I sold a mutual fund in 2001. This investment still shows up on reports. How do I eliminate it? | Microsoft Money | 1 | 04-11-2004 10:20 AM | |
| House sale when home office was claimed in prior years NewBus5798: Hi Folks- Posted this a week or so ago but haven't gotten any responses. Can anyone help? I sold my house in 2003 and have been claiming a home... | Taxes | 3 | 02-10-2004 07:46 PM | |
| Capital gains on home sale - less than 2 years Ron: Tax question really if you have any advice or can point me in the right direction (besides hiring a tax attorney). We are selling our home for... | Taxes | 11 | 09-23-2003 04:02 AM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
