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Author: BobLangley Old School Fool Global Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75880  
Subject: Tax exemption on sale of home Date: 8/27/2000 3:50 PM
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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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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 24388 of 75880
Subject: Re: Tax exemption on sale of home Date: 8/27/2000 5:20 PM
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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.

Regards..Pixy



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