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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15747
Experience:  15years with H & R Block. Divisional leader, Instructor
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I know you answered my quesiton but there is still doubt regarding my husband not having l

Customer Question

I know you answered my quesiton but there is still doubt regarding my husband not having lived in the home for sale for the past 5 years but I still file joint taxes. should this be a concern for me? The way I read it, both spouses must have been a resident 2 of the past 5 years
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.
HelloUnder IRC 121 the rules are that both spouses must meet the use test.(2)Special rules for joint returnsIn the case of a husband and wife who make a joint return for the taxable year of the sale or exchange of the property—(A)$500,000 Limitation for certain joint returnsParagraph (1) shall be applied by substituting “$500,000” for “$250,000” if—(i)either spouse meets the ownership requirements of subsection (a) with respect to such property;(ii) both spouses meet the use requirements of subsection (a) with respect to such property; (B)Other joint returnsIf such spouses do not meet the requirements of subparagraph (A), the limitation under paragraph (1) shall be the sum of the limitations under paragraph (1) to which each spouse would be entitled if such spouses had not been married. For purposes of the preceding sentence, each spouse shall be treated as owning the property during the period that either spouse owned the property.The one spouse can use $250k for exclusion.
Expert:  Robin D. replied 1 year ago.
Checking to see if you responded