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-   -   What are allowable exemptions to 2010 $8000.00 credit? (https://www.askmehelpdesk.com/showthread.php?t=761124)

  • Aug 3, 2013, 10:56 AM
    mcsloans
    What are allowable exemptions to 2010 $8000.00 credit?
    I bought home in tampa Florida because I was in military stationed there. Being discharged this month at my base of origin and need to move my family back and sell my home now... the three years are up November 19, 2013.

    Are there exceptions to the three year penalty for this type of situation?
  • Aug 3, 2013, 02:47 PM
    AtlantaTaxExpert
    You qualify for the exclusion. See the extract below from IRS Pub 17:

    To claim the exclusion, you must meet the ownership and use tests. This means that during
    The 5-year period ending on the date of the sale, you must have:
    - Owned the home for at least 2 years (the ownership test), and
    - Lived in the home as your main home for at least 2 years (the use test).

    So you are good to go.

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