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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2855
Experience:  IRS licensed Enrolled Agent and tax instructor
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Can my wife and I file separately and both take a home

Customer Question

Can my wife and I file separately and both take a home owners exemption on two different houses?
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I owned a condo myself and got married. My wife owns her home. Can we sell both in one year and get and exemption for both?
JA: Is there anything else the Accountant should be aware of?
Customer: no
Submitted: 7 months ago.
Category: Tax
Expert:  Mark Taylor replied 7 months ago.

Hi, my name is Mark. I will be happy to help you with your questions. Let me get a little more information before I answer your question. How long have you owned the properties?

Expert:  Mark Taylor replied 7 months ago.

You would be able to claim the property taxes and mortgage interest on both properties.

Expert:  emc011075 replied 7 months ago.

Hi. Another expert here. My name is ***** ***** I will be happy to clarify it for you.

Each of you can use ONE 250K capital gains exclusion every two years. How you use it is up to you. If you sell both homes in the same year, each of you can exclude up to 250K on your own homes or use 500K on one home and ho exclusion on another, but combined you cannot exclude more than 500K on your joint return (or 250K if you file separate returns).

Expert:  emc011075 replied 7 months ago.

Do you have any questions? Is there anything else I can help you with today?