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1979 my husband purchased a home in 2006 the title was

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1979 my husband purchased...

1979 my husband purchased a home in 2006 the title was changed to my name and put in a revocable trust. He passed last year and I want what exemption I can take if I sell.

Accountant's Assistant: The expert will know how to help. Please tell me more, so we can help you best.

We lived in the for 37yrs,

Accountant's Assistant: Is there anything else important you think the expert should know?

. and filed jointly.

Submitted: 6 months ago.Category: Tax
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Customer reply replied 6 months ago
The home was purchased jointly . Is there a time limit on when the house must be sold in order to qualify for the exemption.
Customer reply replied 6 months ago
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Customer reply replied 6 months ago
Let me know if you need more information, or send me the service offer(s) so we can proceed.
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8/4/2017
Tax Professional: emc011075, Tax adviser replied 6 months ago
emc011075
emc011075, Tax adviser
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Satisfied Customers: 3,388
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HI. My name is ***** ***** I will be happy to help you.

For tax purpose a grantor trust (a revocable trust) is not trust entity because the owner has a full control of the trust. Which means if a property is placed in a grantor trust and the owner meets the principle residence capital gains exclusion requirements (ownership test and residency test), the owner can claim the 250/500 exclusion when the property is sold.

If you legally own the property and both of you (you and your spouse) meets the residency test (2 out of 5 years) you can claim the full 500K exclusion.

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Tax Professional: emc011075, Tax adviser replied 6 months ago

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

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Customer reply replied 6 months ago
since the title was changed to my name , am I entitled to the 500,00 exemption and is there a time limit from the date of his death to the time I sell the house?
Tax Professional: emc011075, Tax adviser replied 6 months ago

Ok. You said you a filing a joint return, so when he (assuming your husband) died? In 2016?

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Tax Professional: emc011075, Tax adviser replied 6 months ago

To claim 500K exclusion after death of your spouse you need to sell the house within 2 years after his death.

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Customer reply replied 6 months ago
Is the phone fee an additional $52.oo ?
Tax Professional: emc011075, Tax adviser replied 6 months ago

I do not have any access to customer billing info but generally yes, additional service fees are in additional.

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Tax Professional: emc011075, Tax adviser replied 6 months ago

Have you remarried since 2006? If yes, does your current spouse meets the residency test?

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Customer reply replied 6 months ago
Since the title was changed to my name alone but he lived here and we filed jointly am I entitled to 5000,00 exemption
Tax Professional: emc011075, Tax adviser replied 6 months ago

Have you remarried since 2006? If yes, does your current spouse meets the residency test?

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Customer reply replied 6 months ago
no, I have not remarried. and still reside in the home.
Tax Professional: emc011075, Tax adviser replied 6 months ago

In that case no. Every taxpayer is entitled to maxim 250K exclusion. Which means you have to be married and file a joint return to claim 500K exclusion. There's an exception for recent widows. If a widow sell the jointly owned house within 2 year of the spouse's death, he/she can still claim his exclusion. After 2 years you can only claim your own exclusion OR if you file a joint return with a new spouse, both of you can claim 250K exclusion on a joint return (500K if filing jointly).

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Customer reply replied 6 months ago
Since the title was changed to my name , is it considered a jointly owned house?
Tax Professional: emc011075, Tax adviser replied 6 months ago

Jointly owned with who? A deceased person cannot own a property and claim an exclusion. A property can have more than one owner and every owner can claim an exclusion but nobody can claim more than 250K.

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Customer reply replied 6 months ago
I'm confused. Since my name was on the title at the time of his death do I qualify for the
5000,00 exemption? I really appreciate your help in clarifying this.
Tax Professional: emc011075, Tax adviser replied 6 months ago

No, you do not. Nobody can claim more than 250K. If you do not file a joint return you cannot claim his exemption so you cannot claim 500K. Only married couples (and recent widows/widowers) can claim 500K. 250K for each spouse.

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Customer reply replied 6 months ago
I'm still confused and did not receive the answer
Tax Professional: emc011075, Tax adviser replied 6 months ago

What is confusing you? You can claim 250K exclusion. Unless you file a joint return with somebody who can also claim 250K exclusion, you cannot claim more than 250K.

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Customer reply replied 6 months ago
At the time of his death we had been filing a joint return, do I qualify as a widow for the
500,00 exemption if I sell it within 2 years?
Tax Professional: emc011075, Tax adviser replied 6 months ago

If you sell it within 2 years of his death, than you can claim 250K for yourself and 250K for him, even if you do not file a joint return. How you filed at the time of his death is irrelevant.

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Tax Professional: emc011075, Tax adviser replied 6 months ago

Do you have any questions?

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