sale of principal residence employment change

Dear 1031x: I bought a new home in Utah and was about to move in, but I got my job transferred to new jersey. I am selling my home at a premium of 20000$. Can you explain the nest way to except from capital gains.

Dear Sir:  Your sale of this home is because of a change in employment.  You are entitled to a partial exemption calculated as follows:  number of months you owned the home divided by 24 times $20K (gain) equal the tax exempt amount.  The rest of the gain is taxable.  Sincerely,

Steve Hickox
Attorney / President

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