We are relocating after only living in our home for just over a year. I did get a new job to go with the relocation. We stand to make $65,000 (ish) off the sale of our home. We were budgeting for paying the roughly $12k in capital gains tax but then I see if you sell due to taking a new job out of the area (it’s like 300+ miles away) you can use that as an exclusion. Am I reading this correctly? All I need to do is show I took a new job across the state and that should mean we don’t have to pay this tax on the house?
We are not relocating FOR the job, but to relocate the job was necessary. I’m staying with the company but I am taking a different position.