Yes, I've already sent off to my accountant with this question, but he can take a while to get back and accounting topics always get some good replies.
So... I bought my home a year ago. I want to sell it and move. I understand there is the capital gains tax for selling within the 2 year period. There is however the exemption if you are relocating for a job 50+ miles away from your current location.
I work remote, from home. So my question is, would this count? I am able to essentially live wherever I'd like. So my guess is I wont count, but I'm hoping that I'll be able to twist it somehow to count in my favor. Would it make a difference if my work gave a reason why it would be beneficial for me to be located elsewhere?
If I don't count, do you know if you are taxed on gross profits or would it be only on net profits (after reg taxes, realtor fees, escrow, etc. etc.)?
Thanks, appreciate it.
So... I bought my home a year ago. I want to sell it and move. I understand there is the capital gains tax for selling within the 2 year period. There is however the exemption if you are relocating for a job 50+ miles away from your current location.
I work remote, from home. So my question is, would this count? I am able to essentially live wherever I'd like. So my guess is I wont count, but I'm hoping that I'll be able to twist it somehow to count in my favor. Would it make a difference if my work gave a reason why it would be beneficial for me to be located elsewhere?
If I don't count, do you know if you are taxed on gross profits or would it be only on net profits (after reg taxes, realtor fees, escrow, etc. etc.)?
Thanks, appreciate it.