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LawTalk
LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 27235
Experience:  I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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My significant others selling her home. Probably will profit

Resolved Question:

My significant other's selling her home.
Probably will profit $600,000
How long would we have to be married for her to get $250,000 deduction for spouse?
We live in California.
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  LawTalk replied 5 months ago.

Good morning Patrick,

I'm Doug, and I'm sorry to hear of the confusion. I have assisted you a number of times in the past, and as always, my goal is to provide you with excellent service today.

Unfortunately, while your idea is a good one, the issue is not how long one has been married when it comes to the exemption for the capital gains tax on the sale of a property.

The issue is whether you have been the owner of the property, and resided on the property as your primary residential address for at least 2 of the past 5 years. And, each owner of the property qualifies for the exemption---even if there are more than 2 owners so long as it is their residence being sold.

In order for your significant other to include you for the additional $250,000 in exemption, you would have to have resided in the home as your primary legal residence for at least 2 years before the sale and have been a legal owner during that time as well---with your name on the actual deed. I am sorry.

I understand that you may be disappointed by the Answer you received, as it was not particularly favorable to your situation. Had I been able to provide an Answer which might have given you a successful legal outcome, it would have been my pleasure to do so.

If you have additional questions, you may of course reply back to me and I will be happy to continue to assist you further until your questions have been answered to your satisfaction.

Please understand that I have no control over the how the law impacts your particular situation.

Thank you,

Doug

LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 27235
Experience: I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
LawTalk and 4 other Real Estate Law Specialists are ready to help you
Expert:  LawTalk replied 5 months ago.
Thank you once again for your positive rating of my service, Patrick . It is always my pleasure to assist you and I hope than you will continue to ask for me on JustAnswer as future needs arise.

I welcome you to request my assistance in any future legal questions you may have, by simply placing my name in the first sentence of your new question.

Thanks again.

Doug
Customer: replied 5 months ago.

I may not remember to do that.


Who knows when I'll have another legal question.


I'll try, Doug.


Thanks for spot on answer.


Patrick

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