$500k Exclusion for home sale - marriage question

There are certain additional requirements you must meet to qualify for the $500,000 exclusion. Namely, you must be able to show that all of the following are true:
1. you are married and file a joint return for the year
2. either you or your spouse meets the ownership test
3. both you and your spouse meet the use test, and
4. during the 2-year period ending on the date of the sale, neither you or your spouse excluded gain from the sale of another home.

Why don't you want to pay your taxes?

Tungsten, Trump is gay friendly if you go by the republican convention. I think he has bigger priorities than interfere in people's personal lives. But you never know.

Very specific and helpful answer from 300_mercer. Be sure to base personal and financial decisions on it.

300_mercer, he may be, but the people around him/apointees aren't

All depends on the Supreme Court nominations.

If you own and have occupied jointly, I think it doesn't matter when you get married, because if the IRS thinks you're unmarried, you could each file separately for a $250K exclusion on your half of the property, KWIM?

Think of it this way: If Peter and Paul buy a home together for $1 mm, and they sell it for $1.8mm. Then, on his tax return, Peter is a single person who has $900K in proceeds, a $500K basis, and $400K in gains -- of which he can exclude $250K . Paul should be in the exact same situation, so the couple's exclusions would total $500K.

But I'm not a tax pro, so I'd say consult an accountant if you're really worried.

And congrats on the engagement.

ali r.
{downtown broker}