DAVID S. BABOIAN, CPA, PC

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8/1/2016

August 01st, 2016

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TAX TIP OF THE DAY...   Sale of home due to new baby

Generally, you have to own and use a home for at least 2 years before being eligible for a tax-free sale of your main home.  However, the IRS allowed a couple who unexpectedly had a new baby to qualify for the tax break even though they had lived in their condo for less than the required 2 years due to the "unforeseen circumstances".  Their otherwise taxable gain became tax-free!  Illness and job changes also qualify for this leniency. 

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    David S. Baboian, CPA

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  • Home
  • Services
    • What we do
    • Are we right for you?
    • $99 Jump-start
  • Client zone
    • Individual clients >
      • Identity Theft - IRS Affidavit
      • Personal Financial Statement
    • Business & rental clients >
      • Example expenses
      • Mileage log
      • Petty cash log
      • Sales tax
      • W9 for subcontractor
      • Example Profit & Loss
      • Obamacare Self-employment Ledger
    • Payroll services >
      • Employee paystub portal
      • EMPLOYER set up forms
      • EMPLOYEE set up forms for new hires
    • Web Links
  • About us
    • Contact
    • Our team
    • Dave's resume
    • Dave's bands
    • Haunted Chamber
    • Picture gallery
  • Secure email