An exemption in the 2 year rule?? - Posted by Kyle WY
Posted by Kyle WY on October 05, 2003 at 23:13:59:
First of all, I am not an accountant, but an investor told there was an exemption in the two year rule. If you had to sell your home before you owned it for two years because of job transfer, that you could prorate the 250k or 500k if you?re married for the time you owned the house. Say you had a house for one year, you could take 125k or 250k tax free under the personal residence tax law.
His take on this is if you were just starting out and wanted to be a professional rehabber, you could buy a house, live in it while fixing it up and sell it for up to 125k one year later and not have to pay any taxes, because you are a professional rehabber and ?had? to move to your ?new? rehab house. And according to him, there is not a limit on how many times you could do this in any time frame.
Just a thought for making a good living and not having to pay any taxes, if you don?t mind a little gipsy living