I thought I’d never use the words “IRS” and “mercy” in the same sentence but I’m going to do so now…
If circumstances force you to move out of your home before you qualify for the $250,000/$500,000 exclusion, the IRS will show you mercy and help you out.
That’s right. In a rare moment of kindness, the IRS may lend you a helping hand and reduce your tax burden if you can show that you’re in a tough spot. You’ll get the whole story when you read my new article titled Tax Tips: Merciful IRS Lowers Tax on Home Sales during Tough Times.
Three ways our fact-filled article can help you:
- We’ll explain the IRS’s “two-year” rules. Uncle Sam lets you exclude home-sale profits up to $250,000 (if single) and $500,000 (if married) if you meet three basic requirements. We’ll list them for you when you read the full article.
- You’ll learn what it takes to get the IRS to help. The IRS shows mercy when you can show that you sold your home because of one of three reasons. We’ll tell you what they are when you read the full article.
- We’ll tell you what to do if your situation doesn’t seem to merit an IRS-approved exclusion. Don’t give up! The IRS and the courts consider your unique situation on a case-by-case basis. We’ll list six factors they take into account when you read the full article.