Illness exception to the 2-year rule.?

Capital gains tax? I just purchased a home in Arizona 3 months ago. Now I need to move. I am 72 years old and find the desert dirt, dust makes me ill. Very severe allergies.

At my age I don't have 2 years to sit and wait before I can move to cleaner air. Is there an exception in the 2-year rule due to illness?

8 Answers

  • 4 weeks ago

    There's no exception.  You're talking about the IRS here. They don't make "exceptions".

    Besides, it isn't their fault you bought a house and then changed your mind.

  • 4 weeks ago

    No, there is no illness exception.

  • Anonymous
    1 month ago

    < I just purchased a home in Arizona 3 months ago >

    Will you even have any capital gains?

  • 1 month ago

    No. Why didn't you check out the area BEFORE you moved there?

  • How do you think about the answers? You can sign in to vote the answer.
  • 1 month ago

    You'd have to have much capital gain could you possibly have in 3 months?  Don't worry about it...even if you wouldnt get back what you spent on this. 

    You might get some exception, but unlikely ultimately.  From where did you move and to where would you move?  

  • 1 month ago

    What 2 year rule? You can sell your home anytime.. no mortgage requires you to keep your home 2 years.

    Source(s): Mortgage lender 33 years.
    • SimplytheFACTS
      Lv 7
      1 month agoReport

      REALLY?  it is COMMON knowledge among anyone in any real estate related business...what part of CAPITAL GAINS did you not understand or bother to look up?  Clearly has nothing to do with mortgage

  • Judy
    Lv 7
    1 month ago

    If you can show your move from AZ is health-related, you are most likely eligible for a partial exclusion, prorating the exclusion limit for the time you WERE eligible out of 2 years. Might not be a problem anyway, since you're not likely to have much gain, if any, in a few months of ownership.

  • 1 month ago

    i doubt it, but how much will you really gain that it will make that much of a difference.  you might not even profit at all.

Still have questions? Get your answers by asking now.