How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask RD Your Own Question
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
510454
Type Your Tax Question Here...
RD is online now
A new question is answered every 9 seconds

Question on home tax when selling... My wife died this

Resolved Question:

Question on home tax when selling... My wife died this month 2/28/08 If I sell this year can I still recieve THE $500,000. tax break WE OWNED THE HOME FOR 30 YEARS BEEN MARRIED 45 YEARS THE HOME IS IN OUR TRUST
Submitted: 8 years ago.
Category: Tax
Expert:  RD replied 8 years ago.

Yes, you wil be able to claim the exclusion of $500K from the gain on sale of the house provided you have not remarried on the date of sale or exchange. See link to the IRS regs on this issue-

http://a257.g.akamaitech.net/7/257/2422/03jul20071500/edocket.access.gpo.gov/cfr_2007/aprqtr/26cfr1.121-4.htm

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

RD and 2 other Tax Specialists are ready to help you
Customer: replied 8 years ago.
Ido accept and will pay   one more thing do i have to sell in this year? or do ui have more time THANK YOU
Customer: replied 8 years ago.
THANK YOU AND I WILL PAY ONE more thing is there a time limit do i need to sell this year?
Expert:  RD replied 8 years ago.

Yes, you need to sell it this year since you will qualify to file a joint return for this year, even if your spouse is not longer there.

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

Related Tax Questions