Home Selling in Arlington>Question Details

Cdwright903, Home Seller in Arlington, VA

Capital Gains Info -- Selling my primary residence due to job change within 6 months of home purchase

Asked by Cdwright903, Arlington, VA Thu Sep 3, 2009

I bought a short sale in Arlington, VA as my primary residence. I am selling after 6 months due to an upcoming job change. What options do I have to save on capital gains tax, or do I? I can only find vague info about the rules but I have found that a job change can qualify to save on the Capital Gains tax. Does anyone have any recommendation for a local CPA?

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4
Vicky Chrisner’s answer
I hate to sound like a party pooper, but are you sure you'll have capital gains? most people do not when they sell in such a short time frame, in fact, their are lucky if they can get out and break even. It may be helpful (depending on how unique your home is) to run a market snapshot and see what current sales are - you can do that from my home page (follow link below). In the middle of the screen you'll see a small rectangle (not at the top of the page) that will have a small form to fill out. It says Market Snapshot. It's an automated report, and takes 15 mins or so to reach your email inbox.

As for a CPA, call Robert Tilker in Vienna. He is my dad's CPA. If you can't find a listing for him, email me (vchrisner@kw.com) and I will get the # from my dad. He's worked with my dad for years and years.

Good luck.
Web Reference: http://VickyChrisner.com
0 votes Thank Flag Link Sat Sep 5, 2009
thanks for the advice!!!

clifton
0 votes Thank Flag Link Thu Sep 3, 2009
Consult a CPA, but if you are moving due to a change in your job location you should have your gains prorated for the time you have lived in the property. Should help a little, but if you are wealthy you are going to be paying it anyways based on the Housing Recovery Act from January of this year. I do not know of a local CPA that I would recommend.

Jimmy Mulhern
0 votes Thank Flag Link Thu Sep 3, 2009
Check with http://www.clarkhoward.com or, as you suspected, ask a CPA. I think if you have lived in the home 2 out of any of the last 5 years you should be O.K., but verify this with an accountant.
0 votes Thank Flag Link Thu Sep 3, 2009
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