- April 7, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Situation
My Wife and I, both serving in the military, are currently stationed in Hawaii. We finalized the purchase of our first home in February 2023. However, due to the demanding nature of our jobs, we have decided to rent out our property and move onto post. This would mean that we would have only lived in our home for a little over a year. Eventually, we plan to sell our property.
## Query
When the time comes to sell, would we be eligible to claim a prorated partial exclusion from capital gains? As a married couple, my understanding is that we could potentially claim a 250k partial exclusion (as opposed to the full 500k for 2 years) for having occupied the home for at least a year. Can someone confirm if my understanding of this is correct?
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