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Mark Taylor
Mark Taylor, Certified Public Accountant
Category: Capital Gains and Losses
Satisfied Customers: 1006
Experience:  Certified Public Accountant
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Is it possible to get a hardship exemption on capital gains

Customer Question

Is it possible to get a hardship exemption on capital gains tax due to the loss of a spouse. I can no longer afford my house and need to sell.
JA: The Expert will know what to do. Please tell me everything you can so the Expert can help you best.
Customer: Is it possible to get a hardship exemption on capital gains tax due to the loss of a spouse. I can no longer afford my house and have not been there 2 years.
JA: Is there anything else important you think the Expert should know?
Customer: No
Submitted: 1 month ago.
Category: Capital Gains and Losses
Expert:  Mark Taylor replied 1 month ago.

Hi, my name is Mark. I am sorry for your loss. How long have you lived in the home?

Expert:  Mark Taylor replied 1 month ago.

You would qualify for a partial exclusion on the gain from your principle residence. The loss of your spouse would be considered an unforeseen circumstance and you would still qualify for the exclusion. So if you lived in the home for 18 months you would be able to take 75% of the exclusion. So you would be eligible to exclude $187,500 of capital gain on the sale.

Expert:  Mark Taylor replied 1 month ago.

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