Searched and didn't find anything relevant...
Is anybody familiar with the provision of the MFTRA that allows AD service members who buy property and are subsequently stationed >50mi from their former duty station (and property) an extension of the 5 year ownership and use period to 10 years? As I read it, a service member that meets the >50mi criteria need only occupy a property for 2 of the last 15 years in order to avoid paying capital gains when he sells.
https://www.irs.gov/uac/Highlights:--Military-Family-Tax-Relief-Act
https://www.irs.gov/publications/p523/ar02.html
I was looking at selling a condo because I'm coming up on that 5 year use limitation when I stumbled across that little tidbit, but nobody I've spoken to (mil or RE agent) has heard about it.
Anybody taken advantage of this? Thanks for any insight.
Is anybody familiar with the provision of the MFTRA that allows AD service members who buy property and are subsequently stationed >50mi from their former duty station (and property) an extension of the 5 year ownership and use period to 10 years? As I read it, a service member that meets the >50mi criteria need only occupy a property for 2 of the last 15 years in order to avoid paying capital gains when he sells.
https://www.irs.gov/uac/Highlights:--Military-Family-Tax-Relief-Act
https://www.irs.gov/publications/p523/ar02.html
I was looking at selling a condo because I'm coming up on that 5 year use limitation when I stumbled across that little tidbit, but nobody I've spoken to (mil or RE agent) has heard about it.
Anybody taken advantage of this? Thanks for any insight.