Because we’re talking about taxes right here, there will likely be exceptions, carveouts and exceptions to the carveouts issued in I.R.S. private letter rulings and whatnot. If you happen to fall into any of the following categories, it’s in all probability finest to consult a tax professional: widows or widowers, members of the navy, newly remarried couples who already have houses, individuals who have moved for job transfers, nursing residence residents who’ve kept the houses they used to dwell in, individuals who sold a home before 1997 and rolled their capital achieve over into the home they reside in now and individuals who rebuilt after a fireplace, flood or different similar occasion.
This is especially true in and around cities like New York, Los Angeles, San Francisco, Boston and San Diego, where residence prices have increased smartly over the last decade or two. There, single homeowners with features of over … Read more