Nance Realtors Blog

Northern VA Real Estate Blog by Kristofer Nance

Claiming the capital gains exemption when you sell your home?

February 15, 2013 by Kristofer Nance Leave a Comment

House Selling
by pirate johnny

Question: Claiming the capital gains exemption when you sell your home?
I sold a home in 2008 and claimed the house selling exemption for my capitol gains and at that time I was single. I got married last year. Before we got married my spouse sold her home and made a profit on it. We are now filing a joint return. Can we claim the capitol gains exemption since she was single at the time she sold the home?

Best answer:

That’s a really good question! You should look through the IRS publication below on this subject, and there is an example in there that I believe is on point. (Example 1 under “married persons”, about halfway down). Based on this I would say you can definitely use the exlusion (just the $ 250K) and you can do so filing seperately or jointly (not legal advice). Good luck on the return! http://www.irs.gov/newsroom/article/0,,id=106951,00.html

Add your own answer in the comments!

Filed Under: Selling Your Home Tagged With: Claiming, exemption, HOME, House, Sale, Selling

Categories

Tags

about affect after agent alternative anyone asking attempting beneficial best better bills Buyer Buying Capital Claiming Company Credit Decisions Dollar drop during estate exemption expect expenses Fast finance find first forced Foreclosure For Sale Fredericksburg HOME House housing/sale inspection Purchase Real real estate Sale Selling Staging Tips

Monthly Archive

  • Sitemap

Copyright © 2021 ·Lexicon Child Theme on Genesis Framework · WordPress · Log in