Sale of home before 2 years and unforeseen circumstances

Mar 17, 2005 3 Replies

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enduranceal 21 years ago

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?

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A.G. Kalman 21 years ago

For sure if she gets her physician to put it in writing that a change in residence was required for her health.

-- Alan

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Herb Smith 21 years ago

It sounds like a health problem (an allowed exception) and would allow her to claim a partial exclusion based on her ownership and occupancy facts.

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Paul A Thomas 21 years ago

"enduranceal" wrote

I'd say it was an easy "yes" if the prior home was two story 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

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