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Subject:  Re: Tax exemption on sale of home Date:  8/27/2000  5:20 PM
Author:  TMFPixy Number:  24388 of 88772

Greetings, Bob, and welcome. You asked:

<<My wife, to whom I am not legally married, and I own our home jointly. It is worth in excess of $500,000 and we are comtemplating selling it.

My understanding is that a married couple can take an exemption of $500,000 while a single person can take an exemption of $250,000. Can we each take a single person exemption of $250,000 on the same house?>>

Yes, as joint owners you each may use your own $250K exclusion on gains when the property is sold assuming you meet the conditions for doing so.


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