tax1111 Posted March 31, 2023 Report Share Posted March 31, 2023 A married couple sold their NJ rental property. Husband works overseas all these years. Wife did not earn any income in 2022. Wife moved back to US and lived in NYS for about 4 months in 2022. Is it a good strategy to file separate returns and treat the gain from rental property sale on wife's tax returns? Do they need to equally split the gain if they jointly owned the property? or They can split any way that is most beneficial taxwise? Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted March 31, 2023 Report Share Posted March 31, 2023 If the property is held jointly, they both get their half. But why are you not filing jointly? Is filing separately actually less tax? Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted April 1, 2023 Report Share Posted April 1, 2023 6 hours ago, tax1111 said: They can split any way that is most beneficial taxwise I don't think so, unless there is some special rule for community property states. 1 Quote Link to comment Share on other sites More sharing options...
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