tax law on owner-occupied homes - Posted by michaela-ATL

import · August 24, 2003, 2:00pm

Posted by William L. Exeter on August 24, 2003 at 14:41:26:

There are exemptions due to relocation due to business, medical issues, etc. I would consult with your tax advisor to see if you specific situation will quality.

import · August 24, 2003, 2:00pm

Posted by michaela-ATL on August 24, 2003 at 14:00:12:

i do realize, that I normally can take the tax-free profit on an owner occupied home only once every 24 months. Is there an exception, if I were to move out of state for my business?

I lived in house A from Sept. 99 to Sept 2001. Then I rented that house out and moved to house B. I’m closing on House A end of September to sell and I’d report my profit on that house. Since I’m planning on leaving Atlanta, would I have to rent or lease-option house B until Sep 2005 and then sell or would there be any kind of exeptions due to my move, so, that I could go ahead and sell now?

thanks

michaela