Can someone help me check my tax assumptions on the sale of my house?
Purchase price: $275,000
Sale price: $309,900
Husband was laid off in 2016, and he wound up taking a job 2500 miles away.
It's my understanding that even though we are juuuuust short of owning the house for two years, we will be exempt from paying capital gains taxes because we took a job more than 50 miles away. Worst case scenario we would owe some small fraction of taxes based on the nine days between the sale date and the two year mark.
I'm receiving the money from the sale today and plan to pay off the car we purchased during the move and invest the rest in IRAs. I'm pretty confident I don't need to hold anything back for taxes, but I thought I'd let the MMM tax wizards double-check my assumptions first.