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Government Employees' Primary Residences
Q:
Subject: Exchange Question
Are there any special rules that pertain to a person who is not allowed to live in what they want to be their primary residence because they are required to rent government housing as part of the job.
We took a new job which does not have government housing, which means we have to buy a primary residence at the new location with the money obtained from the sale of our house we were not allowed to live in.
there will be a profit from the house sale but all of it will be needed to purchase a house in the new location.
Seems that there should be some kind of exception as military people probably often fall into this category.
A:
There are some special rules for people in the military and Foreign Services, as mentioned here in IRS Publication 523.
You really need to work one on one with an experienced professional tax advisor to see if any of this applies to your unique situation.
Good luck.
Kerry Kerstetter
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/21/2006 04:45:00 PM Send this post:
