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Investing/Strategies / Retirement Investing
|Subject: Re: Tax exemption on sale of home||Date: 8/27/2000 5:20 PM|
|Author: TMFPixy||Number: 24388 of 81973|
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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