You need to live there for at least 2 of the last 5 years. If his wife has a separate house that they don't live in, then they might not qualify for that exception. Not that capital gains taxes are usually very much on a home in this market though since prices are down and since you get to first deduct most expenses on the house over the years (assuming you kept receipts).I thought capital gains were only if you sold before 2 years.
I say do it to code even if your contract didn't specify it. You might win in court, because it didn't explicity say it must be up to code, but you'll still be out $10k of attorney fees. Sometimes winning is still losing. But, do it as cheaply as possible up to code (meaning only one GFCI outlet is needed to satisfy what you described).
You need to live there for at least 2 of the last 5 years. If his wife has a separate house that they don't live in, then they might not qualify for that exception. Not that capital gains taxes are usually very much on a home in this market though since prices are down and since you get to first deduct most expenses on the house over the years (assuming you kept receipts).
How close is the garage to the breaker panel and/or outside power meter?
1) The residency test is any 2 years out of the last 5, not 3 years. And the 2 years can be broken up into pieces.It's a significant amount of money, and you have to pass the "residency test" - live there a total of 3 years (total) out of the last 5.
Garage is probably40 feet away on the south side of the house, panel/entrance is on the west side.
It's detached.Can you not just drop a new line in the attic and run it from the box to the garage?
Run a single 12ga wire over the attic and drop it to a GFCI outlet in the garage.
Are overhead wires against code where spidey07 lives? The contract didn't state underground.It's detached.
Are overhead wires against code where spidey07 lives? The contract didn't state underground.
It's detached.
Correct. A GFCI does not require a ground/bond wire, but it does require a grounded neutral, done at the main panel.
Also, NEC 250.32 requires a grounding conductor back to the main panel.
LOL, wow!he's simply going to take out the 3 prong outlets and replace them with two prong.
