2016-10-10 12:15:40 Sale of Home by Surviving Spouse Special consideration is made by IRS for the sale of a jointly-owned principal residence after the death of a spouse. Surviving spouse may qualify to exclude up to $500,000 of gain instead of the $250,000 exclusion for single people if certain requirements are met.
If you have been widowed in the last two years and have substantial gain in your principal residence, it would be worth investigating the possibilities. Time is a critical factor in qualification. Contact your tax professional for advice about your specific situation. Contact me to find out what your home is worth in today’s market. See IRS Publication 523 – surviving spouse.
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2018-08-14 12:15:23Replace It Anyway 2018-08-13 12:21:25 What to Avoid Before Closing Your New Home 2018-08-06 16:46:30 Rising Rates Affect the Cost Too 2018-07-16 20:13:49 Owning Makes More Sense 2018-07-09 17:37:48 A Word Homeowners Need to Understand 2018-07-04 20:47:50 Don't Let a Killer In 2018-07-02 07:46:20 Unexpected Expenses 2018-06-18 19:19:14 Waiting Will Cost More 2018-06-11 12:30:00 The Tax Difference in Second Homes 2018-06-08 11:30:16 When Neighbors Don't Seem to Care 2018-05-31 10:01:54 Flag Protocol 2018-05-21 13:13:32 Second Guessing Price 2018-05-14 13:10:20 A Home for Tomorrow 2018-05-07 13:26:33 Assumptions May be an Alternative 2018-04-23 09:48:17 Costs More - Takes Longer 2018-04-12 21:51:58 Waiting Period After Distressed Sale 2018-04-10 18:24:22 Waiting Will Cost More 2018-03-19 12:33:09 Standard or Itemized 2018-03-06 13:27:26 Fair Skies on Horizon 2018-03-05 17:08:02 Your Refund Could be the Difference 2018-02-19 18:58:34 Historical Perspective 2018-02-12 10:13:30 The 'Right' Agent and the 'Right' Home 2018-02-11 13:10:55 Lower Your Expenses without PMI 2018-02-11 12:44:21 Convincing Advantages with Standard Deduction 2018-01-29 20:53:29 Lower Your Expenses without PMI Click here to see ALL articles. |