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In mid December I read the article by Kiplinger regarding crack down on second house owners. I had just bought a new home and planned to keep my old home to enhance and easy move and ride out the housing slump. After reading the article, I went to the local IRS office for advice, since the article said if you move in the second home before 2009, you would not be subject to the new law. The IRS office did not even know about the new law, and could find nothing on it in their data base. After reading the kiplinger artical I provided, the suggested I should maybe make the new home my permanent home before 2009. I rushed around and did that at the local assessors offices involved. By doing so I also subjected myself to non resident tax on my previous home.
Now I'm not sure if maybe I still might be subject to the loss of exclusion when I do sell my old home even if I do sell it within the 3 year rule. I just don't understand how the new law will effect me now. If the IRS doesn't know, who would.
The law came into effect in July 2008. My first inkling of such a law was in mid december after I closed on my new residence the 8th of December.
For peats sake, If the IRS offices don't even know how the law works, who does. Any advise would be apprectiated.
D Chrysler <oldtown138@yahoo.com>
Now I'm not sure if maybe I still might be subject to the loss of exclusion when I do sell my old home even if I do sell it within the 3 year rule. I just don't understand how the new law will effect me now. If the IRS doesn't know, who would.
The law came into effect in July 2008. My first inkling of such a law was in mid december after I closed on my new residence the 8th of December.
For peats sake, If the IRS offices don't even know how the law works, who does. Any advise would be apprectiated.
D Chrysler <oldtown138@yahoo.com>