I sold a house in 2005 and claim the house selling exemption for my capitol gains and that time I was single. I got married in 2006 and before I got married my spouse sold her house and made a profit on it. We are now filing a joint return. Can we claim the capitol gains exemption since she was single at the time of the sell and meets all the requirements?
2007-01-31 07:32:55 · 2 answers · asked by william1662_2000 1 in Business & Finance ➔ Taxes ➔ United States
That's a really good question! You can look through the below IRS publication on this subject, and there is an example in there that I believe is on point. (Example 1 under "married persons", about halfway down). Based on this I would say you can definitely use the exlusion (just the $250K) and you can do so filing seperately or jointly (not legal advice). Good luck on the return!
2007-01-31 08:13:53 · answer #1 · answered by straightup 5 · 0⤊ 0⤋
i think you would be better off filing seperately
2007-01-31 07:36:32 · answer #2 · answered by AA 3 · 0⤊ 0⤋