Can I suspend my 5-year counter for capital gains when I sell my home if the military stations me more than 50 miles from the home? My specific example is: Bought a home in WA in April 96 and was transferred to CA in May 99 (37 months). Stationed back in WA from Oct 03 to May 05 (17 months), but didn't live in the same home. I was then stationed in Florida (still am). By my math, I lived in the house 37 months out of the 54 months that count, so I should be able to sell the home today and pay no capital gains on the first 500,000 (married filing jointly). Just looking for confirmation on this.

December 28th, 2023

How can I get my federal tax account information?

April 10th, 2024

What is the sales tax amount on sixteen thousand five hundred dollars in Phoenix?

March 11th, 2023

I live in Oregon and own a property in Texas that generates rental income monthly. Is income tax based on where the income is earned or where one resides? Since Texas does not have an income tax, does that mean I don't have to pay any state taxes on that income, or would it be subject to tax in Oregon? If it is taxed in Oregon, wouldn't that be a form of double taxation?

October 19th, 2024

Can I claim my newborn twins as dependents for the tax year 2005 if they were born in December 2005?

February 24th, 2023