Legal Question in Tax Law in New York

Owner/Use test for selling home

I lived/owned a house in New York for 7 years. I then bought a house in PA. My house in NY was vacant for a year while I tried to sell it. I finally have a buyer. My gain will be approx $ 200,000. Researching IRS.gov, it looks like I could still claim it as a main home and not report gains because of the ''Ownership/Use Tests''. I lived in it for four of the five last years and owned it for 4 of the 5 last years.

Am I correct?


Asked on 8/29/06, 1:52 pm

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Owner/Use test for selling home

You are correct if it was used solely as your principal residence for 2 of the previous 5 tax years, and its use was not converted to a commerical purpose (like holding it at rental) after you left occupying it.

Read more
Answered on 8/31/06, 1:36 pm


Related Questions & Answers

More Tax and Taxation Law questions and answers in New York