Capital Gains and Losses
Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP
Hi, my name is Mark. I am sorry for your loss. How long have you lived in the home?
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.
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