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Some tax rules can create a unique prejudice against military personnel because service often involves a somewhat unorthodox way of life. This is particularly true where capital gains and real estate are concerned. If you serve in the military and can't meet certain rules to avoid capital gains tax when selling your home, a law passed in offers you special relief. You may even be able to amend an old return to capitalize on these special provisions if you've since retired, provided you do so within three years of the original return.

The capital gains tax rate was a much-discussed aspect of the fiscal cliff deal signed into law in January In actuality, the rate didn't really change much. Qualifying for the capital gains exemption is where things can get dicey for military personnel. Tax law requires that you must own the property for at least two years, and you must live in it for two of the last five years to qualify, although the time does not have to be consecutive.

Under the terms of the Taxpayer Relief Act ofthese conditions applied to service members as well. Realizing that service members often find themselves called to active duty so they must rent their homes and eventually sell before meeting these requirements, Congress revised the terms of the Act in to accommodate their special needs. Military personnel can effectively waive the two-year residency requirement under some circumstances. The two-year rule doesn't apply if they must rent their homes because they're on active duty, or even if they simply vacate their homes while they're away because they must serve.

Service time is "suspended" for up to ten years of duty, so they can qualify for the capital gains exemption even if they were not able to live in the home for a sufficient period of time. The special provisions for military personnel apply only for periods of qualified extended duty. This means you were stationed at least 50 miles from your residence after buying the home. You can also qualify if you're required to live in military housing for a period of 90 days or more, of if such a requirement is open-ended — you don't know exactly when you'll be able to return to your home.

Each week, Zack's e-newsletter will address topics such as retirement, savings, loans, mortgages, tax and investment strategies, and more. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system.

These returns cover a period from and were examined and attested by Baker Tilly, an independent accounting firm. Visit performance for information about the performance numbers displayed above. Skip to main content. Are Military Personnel Exempt From Capital Gains? Are Capital Gains on American Eagle Coins Taxable?

How to Adjust Capital Gains for an Alternative Minimum Tax Are Long-Term Capital Gains Reported to the IRS? Capital Gains Tax Rates The capital gains tax rate was a much-discussed aspect of the fiscal cliff deal signed into law in January Timing Considerations Qualifying for the capital gains exemption is where things can get dicey for military personnel.

Military Provisions Military personnel can effectively waive the two-year residency requirement under some circumstances. Qualified Duty The special provisions for military personnel apply only for periods of qualified extended duty. Recommended Articles How Much Stock Can You Sell Without Filing It on Your Federal Income Tax? Tax on the Sale of Precious Tax on options trading capital gain military Tax Treatment for Capital Gains and Capital Losses Related Articles Tax Breaks for Married Couples Selling Their Home What Is the Capital Gains Tax on Gifted Property Sold in India?

Taxes on Stock Profits Taxes on Stocks After a Death Long-term vs. Short-term Gains on Sales of Stocks. Free: Money Sense E-newsletter Each week, Zack's e-newsletter will address topics such as retirement, savings, loans, mortgages, tax and investment strategies, and more. How Does a Capital Gain Dividend Affect Adjusted Cost Base? What Is Schedule E in Taxation? Trending Topics Latest Most Popular More Commentary tax on options trading capital gain military.

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