Home › Forums › Closed Forums › Buying and Selling RE › Pigg advice needed on corporate relo › Rich Toscano wrote: IIRC that
[quote=Rich Toscano]
IIRC that $250k is prorated if you’ve been in less than two years (eg if you were in a year, the max is $125k).[/quote] Correct, as I read http://www.irs.gov/publications/p523/ar02.html#en_US_publink1000200867
This applies to certain circumstances, such as work based relocation.
Besides the gain exclusion, any capital improvements can be added to the cost basis of the house for the purposes of calculating the capital gains.
