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Posted by Seth on May 5, 2007, 6:17 am
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> I signed the purchase documents for my current residence on
> Jun 14th and started move out on Jun 30th and completed my
> final move over the July 4th weekend. What is my cutoff for
> Cap Gains, Jun 14th or June 30th or July 4th?
Somewhere between June 30th and July 4th, whenever you
ceased being a resident of your old house. (Where did you
sleep? That's as good a test as any.) If you bought your
new place and spent two years having it remodeled before
moving in, those two years count as residency in your old
place.
> In case I do not complete a sale in time (Jun 14th),
June 14th is irrelevant.
> but have a contract to sell, does that qualify me for a cap
> gain exemption, assumimg the sale finishes say early July?
By the 4th, maybe.
Seth
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