Residence My Home

Relocation - Partial Exclusion


For certain designated reasons such as job relocation, illness or other unforeseeable events, you can qualify for a partial exclusion.
The calculation of the exclusion is basically the number of months you lived in the house divided by 24 times the exclusion.
If married the total un-prorated exclusion is $500,000 if not married the total un-prorated exclusion is $250,000.
Therefore, if you are married and lived in the house for 1 year (12 months) then 12/24 x $500,000 = $250,000 exemption on the sale of your primary residence.
Answer Provided by: CPAdirectory

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