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Lawyer's Assistant: What state are you in? It matters because laws vary by location.

I need a real estate attorney familiar with real estate laws in California. I spoke with one earlier who said my client whose wife died almost two years ago is still eligible for the 500k tax exemption if he sells his home now. Bit after sharing that info with him he says it only applies if he has a dependent child is that true?

Lawyer's Assistant: What steps have you taken so far?

Nada

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Only that we need to sell the home in a month and 9 days unless the time can be extended

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Answered in 5 minutes by:
5/29/2018
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 48,901
Experience: 30 years in civil, probate, real estate, elder law
Verified

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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Customer reply replied 2 months ago
Ok

Yes you would be eligible here.The test is that you both lived in the property for 2 out of last 5 years.You do not need a child here to qualify for the exemption

The IRS allows married couples to excludeup to $500,000 of gain on the sale of a home if:

1) The married couple files a joint return for the year,

2) Ownership. Either spouse (or both spouses)owned the home for at least two years during the5-year period ending on the date of sale,

3) Use. Both spouses used the home as a principalresidence for at least two years during the5-year period ending on the date of sale, and

4) Neither spouse excluded gain from the sale of another homeduring the 2-year period ending on the date of sale.

It appears if you can sell it quickly you would be able to claim the exemption regardless of whether you have a dependent child.

.

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Customer reply replied 2 months ago
No thanks

The Two Year Ownership and Use Rule

Here’s the most important thing you need to know: To qualify for the $250,000/$500,000 home sale exclusion, you must own and occupy the home as your principal residence for at least two years before you sell it. Your home can be a house, apartment, condominium, stock-cooperative, or mobile home fixed to land.

If you meet all the requirements for the exclusion, you can take the $250,000/$500,000 exclusion any number of times. But you may not use it more than once every two years.

The two-year rule is really quite generous, since most people live in their home at least that long before they sell it. (On average, Americans move once every seven years.) By wisely using the exclusion, you can buy and sell many homes over the years and avoid any income taxes on your profits.

One aspect of the exclusion that can be confusing is that ownership and use of the home don’t need to occur at the same time. As long as you have at least two years of ownership and two years of use during the five years before you sell the home, the ownership and use can occur at different times. The rule is most important for renters who purchase their rental apartments or rental homes. The time that a purchaser lives in the home as a renter counts as use of the home for purposes of the exclusion, even though the renter didn't own the home at the time.

I appreciate the chance to help you .Thanks and thanks for rating 5 stars.

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Customer reply replied 2 months ago
Hi Ray so as long as he sells it before the two year dead line eve if he doesn’t have a depend
Customer reply replied 2 months ago
Dependent child he’s ok? What if it falls out of escrow before the deadline can it be extended?
Customer reply replied 2 months ago
Dependent? Also concerned that if it falls out of escrow he will not get the exemption or is there a grace period?

Yes thats correct here.Childless couples get same deduction here as ones with kids.The time period is the key need to sell quickly it appears.You could also reinvest the proceeds and exempt here as well.

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I hope you can close this within the time.Maybe have realtor take contingent offers or seek all cash one to close quicker.

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Thanks again , prayers to you here.Thanks for rating.Have a blessed evening.

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Customer reply replied 2 months ago
Thanks so much I actually just texted him that we can have a contingency to rescind the sale if not completed by July 9th. Sad there is on JS ce of even a week extension but that’s the law!

I will cross my fingers here for you.

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Customer reply replied 2 months ago
He doesn’t want to spend all the money on a high end place in Vegas he has a ton of equity in a beautiful la home

Hope he can close in time and avoid taxes here.

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Customer reply replied 2 months ago
Thanks so much you have been a great help!!

Always a pleasure, have a great evening,thanks for 5 stars.

Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 48,901
Experience: 30 years in civil, probate, real estate, elder law
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Ray and 87 other Legal Specialists are ready to help you
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Customer reply replied 2 months ago
Anytime!! More to come!!

If yu post for Ray here be happy to help you again,bye for now.

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