Closing week, from afar
Have the deed signed a few days ahead, end utility service the day escrow closes, and confirm with Rudy where the keys, remotes and appliance manuals go for the buyer. The closing statement belongs in your tax file.
Federal law lets you exclude up to $250,000 of gain, $500,000 if married filing jointly, when the home was your main residence for 2 of the 5 years leading up to the sale (IRS Publication 523). Leaving on orders? The IRS lets members of the uniformed services on qualified official extended duty (more than 90 days, 50 miles or farther) suspend the 5-year test for as long as 10 years, and the entitlement on a VA loan can be restored after the sale and payoff by filing VA Form 26-1880 or applying online. Expect escrow to explain California's real estate withholding (FTB Form 593): part of the price may be withheld for state tax unless an exemption applies. A tax professional can check your dates.