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My wife and I own two homes a single family house and a condominium

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My wife and I own...
My wife and I own two homes: a single family house and a condominium at a lake. The condo started out as a vacation home, but two years ago, I began to live in the condo full time since I work from home, while my spouse spends weekdays at the single family home and commutes to the condo most weekends. Here's my question: if we sell the condo and have a gain, can we exclude any of the gain under the tax exclusion rule for the sale of a residence? IRS Publication 523 does not answer this situation. It only says that the residence must be your main home for at least 2 out of 5 years. The condo is the main home of the husband, while the single family house is the main home of the wife. What if we filed a "Married Filing Separately" return in the year of the sale of the condo?
Submitted: 7 years ago.Category: Tax
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Answered in 2 hours by:
10/2/2010
Tax Professional: Gerri A Harrison CFP EA, Enrolled Agent replied 7 years ago
Gerri A Harrison CFP EA
Gerri A Harrison CFP EA, Enrolled Agent
Category: Tax
Satisfied Customers: 252
Experience: 27 years of preparing income tax returns - both personal and small business
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It is possible for a husband and wife to have separate residences. Do you have documentation showing the condo as your residence for the two years?

 

Where does your driver's license show you live? Is the car registration and insurance showing the condo address? Where are you registered to vote? What is your mailing address on most mail? Where are your personal bills sent? Are your doctors, accountants, attorneys, dentists and other professionals local to the condo? You must make sure you have an air tight proof of residency.

 

If you can provide the residency then you will be able to exclude $250,000 of gain (not $500, 000 since it is not the primary residence of the wife). You do not have to do a MFS return to get this benefit.

 

Hope this helps. If you still have a specific question, hit the need info button and ask. If you are satisfied with the answer, please hit the green accept button to close out the question and allow me to receive payment.

Gerri A Harrison CFP EA
Gerri A Harrison CFP EA, Enrolled Agent
Category: Tax
Satisfied Customers: 252
Experience: 27 years of preparing income tax returns - both personal and small business
Verified
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Gerri A Harrison CFP EA
Gerri A Harrison CFP EA, Enrolled Agent
Category: Tax
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Experience: 27 years of preparing income tax returns - both personal and small business

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