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Tax Considerations >Capital Gains Exemptions

Home sellers are always interested in their tax deduction options. If you recently sold a home without meeting the basic ownership and use criteria for waiving capital gains tax, you might still be able to claim reduced exemptions if you meet certain other criteria.

Homeowners who had to sell because of a change in place of employment can qualify for reduced tax. You must prove that the job change occurred while you owned and used the home as your primary residence, and that your new job is located at least 50 miles farther from your residence than your previous place of employment.

A reduced exclusion from capital gains tax may also be granted for health reasons. If your motivation for selling your house was to obtain diagnosis, treatment or cure for a disease or injury to you or a family member, you can apply for an exclusion. Unforeseen circumstances such as death, unemployment, divorce or natural disasters may also reduce your capital gains tax. Consult a tax professional for advice about your unique circumstance.

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Q	What island in the St. Lawrence River was given away on a television game show in 1964?
A	Price is Right Island was given away by Bill Cullen on "The Price is Right."
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Robin Gordon, REALTOR®, real estate agent and broker for Philadelphia Mainline, Villanova and Bryn Mawr, Pennsylvania home listings, property and land for sale - NUMBER1EXPERT(tm)

Robin Gordon
Prudential Fox & Roach Realtors
43 Haverford Station Road
Haverford, PA 19041
Agent: 610-246-2280
Office: 610-649-7410
Fax: 610-525-0414
RobinGordon@RobinGordon.com
Robin Gordon is one of the top real estate agents and broker on the main line in Philadelphia. Robin handles the most exclusive properties in the area.

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