I moved out of New Jersey on or after the day of transfer. Can I qualify for an exemption under Section 121?
Yes. You can qualify for an exemption under Section 121 if the real property being sold or transferred was used exclusively as your principal residence within the meaning of section 121 of the federal Internal Revenue Code of 1986, 26 U.S.C. s. 121. The requirements outlined in the Internal Revenue Service Publication #523 must all be met. However, if your entire gain cannot be excluded from your gross income, you do not qualify for the exemption.
Yes. You can qualify for an exemption under Section 121 if the real property being sold or transferred was used exclusively as your principal residence within the meaning of section 121 of the federal Internal Revenue Code of 1986, 26 U.S.C. s. 121. The requirements outlined in the Internal Revenue Service Publication #523 must all be met.
Related Questions
- The C-9600 form notice gave a sufficient date of transfer of possession, but the closing was moved back. Does this affect the validity of the notice?
- Who is the authorized person to furnish the report under section 92E of the Transfer Pricing Regulation Act?
- I moved out of New Jersey on or after the day of transfer. Can I qualify for an exemption under Section 121?
