joanmcq Posted July 8, 2016 Report Share Posted July 8, 2016 Couple has lived together for 4 years, home is in one person's name only. They get married, then sell. I think they will be able to exclude $500,000 gain, even though both don't own the home. What do you think? Quote Link to comment Share on other sites More sharing options...
jklcpa Posted July 8, 2016 Report Share Posted July 8, 2016 Yes, $500k is allowed as long as the other requirements are met and they file a joint return, only one of them needs to own the residence. See 121(b )(2)(A)(i) 3 Quote Link to comment Share on other sites More sharing options...
joanmcq Posted July 9, 2016 Author Report Share Posted July 9, 2016 Thanks, that's what I thought, but I was at a CPE class and was talking to one of my fellow preparers who said no so I started doubting myself. Quote Link to comment Share on other sites More sharing options...
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