QUESTION
Will I be eligible for the married $500,000 capital gains tax exemption when I sell my home?
Asked on Mar 14th, 2022 on Taxation - Nevada
More details to this question:
I am marrying this week and in the ensuing weeks will be selling my home (zip code 89503) of ten years to move into my husband's home. He is retired and has been living in another town (zip code 89447) for the past four years while I am still working. We have been traveling between the two homes for the past 2-3 years.
1 ANSWER
Short version -- probably -- but the marriage complicates who is eligible to claim what. If possible, consult a CPA or your personal tax preparer for what the current rules are about claiming exclusions before and after marriage depending on who has been living in which home for how long. The tax laws are somewhat complex and not really core "family law" and you should get specialized tax advice.
Answered on Mar 16th, 2022 at 9:54 AM