I work overseas as an international teacher, so my home of residence is here in the UK at this time. However, I've had a cabin in Colorado for the past 5 years that I use as my home in the States. I've decided to sell that home. I've only actually lived in the cabin for just a few months a year, but it is my only home in the States. When I sell it, can I claim that $250,000 exclusion on it? Or if not, can I claim part of that $250,000 exclusion, lets say 10/24 or it, since I lived there 10 out of the 24 months needed to claim the exclusion? My capital gains on this property is not much, just approx $11,000. Can anyone help? Thank you in advance!
Posts: 1 | Location: United Kingdom | Registered: 12-08-07