Q: I recently lost my job but I have been offered a new job in another state. I have only lived in my condo for a year, but I have someone who wants to buy it. I’ll actually make a profit on the sale but I’m reluctant to accept the offer now because of capital gains tax. Is there anything I can do to avoid that?

A: You are referring to the $250,000 ownership and occupancy tax exemption for principal-residences that are owned and resided in for two-years.

Internal Revenue Code 121 determines your principal-residence-sale tax breaks. You will certainly want to clarify your situation with tax professional but it is possible that you are in luck.

To obtain the full $250,000 exemption (up to $500,000 for a married couple filing jointly), you must own and occupy your principal residence an “aggregate” two of the five years before its sale. However, if you move out and sell your principal residence after less than two years of qualifying ownership and occupancy, you may be entitled to a partial exemption.

To partially qualify after less than 24 months of occupancy, the move must be due to a change in place of employment that qualifies for the moving — cost tax deduction (the 50 mile rule), for health reasons, or because of unforeseen circumstances such as death in the immediate family, divorce or legal separation, unemployment, inability to pay the mortgage or living expenses, multiple births, involuntary conversion of the property, or damage to the home from disaster, war or terrorism.

Your change of employment location qualifies if your new job site is at least 50 miles farther from your former home than your previous job location was. Because you occupied your condo half of the required 24 months before moving, you are entitled to a 50 percent exemption, up to $125,000 tax-free principal residence sale profit. It doesn’t matter if you reinvest in another home.

Don’t forget that you can deduct your moving expenses and don’t neglect obtaining the advice of a tax professional before making any financial decisions.

Attorney Sylvia Heldreth is a Certified Specialist in Real Estate Law. Her office is located at 1215 Miramar Street in Cape Coral.

This article is not intended as specific legal advice to anyone and is based upon facts that change from time to time. Individuals should seek legal counsel before acting upon any matter involving the law.