I am active duty military and am selling my house that I have owned for 23 months because I have been intentionally reassigned, Am I exempt from capital gains tax?
I am active duty military and am selling my house that I have owned for 23 months because I have been intentionally reassigned, Am I exempt from capital gains tax?
Technically, your military (employment) move only qualifies you for a reduced capital gains exclusion. In your case, you are allowed 23/24 of the maximum $250,000 ($500,000 married) exclusion. 23/24 x 250,000 = $239,583.
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