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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?

Thanks for your responses.

Bob Langley
Winters, CA
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