<kbanala[at]yahoo.com> wrote:

- quote -

Somewhere between June 30th and July 4th, whenever you
ceased being a resident of your old house. (Where did you
sleep? That's as good a test as any.) If you bought your
new place and spent two years having it remodeled before
moving in, those two years count as residency in your old
place.

- quote -

June 14th is irrelevant.

- quote -

By the 4th, maybe.

Seth

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- >

I have been renting out my previous primary residence for
almost 3 years. I have put it on the market for sale but do
not have a potential buyer. Looking at the current market I
am not very optimistic but would like to know how do the
purchase date/move in date/contract date, Sale date etc.
come into play to see if I can get a few extra days while I
hold out hope:

I signed the purchase documents for my current residence on
Jun 14th and started move out on Jun 30th and completed my
final move over the July 4th weekend. What is my cutoff for
Cap Gains, Jun 14th or June 30th or July 4th?

In case I do not complete a sale in time (Jun 14th), but
have a contract to sell, does that qualify me for a cap gain
exemption, assumimg the sale finishes say early July?

Appreciate any guidance on the above and any other options
that I may have to avoid cap gains.

Any guidance is appreciated..

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- >