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I have sold my primary residence house owned with husband…

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I have sold my...

I have sold my primary residence house owned with husband but he took all the profit of 55k as well as earned 99k in full time job, whereas I earned 7k in 2017 and currently making 1200/month. We are going through divorce and husband wants to split taxes which I can't afford. If I file as married filing separately, will I get smaller bill than simple 50/50 split?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Nothing is out of the ordinary otherwise. We aren't splitting assets in divorce so I don't want to be stuck with higher tax liability than I could have afford in 2017 or 2018 with limited income.

Submitted: 3 months ago.Category: Tax
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3/25/2018
Tax Professional: Barbara, Enrolled Agent replied 3 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,398
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

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Tax Professional: Barbara, Enrolled Agent replied 3 months ago

Because you earned over $4,050 in 2017, you can file married filing separately and you will NOT owe any tax.

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Tax Professional: Barbara, Enrolled Agent replied 3 months ago

If you are not divorced by 12/31/18, and continue to earn $1200/month during all of 2018, your tax liability will be $240 if you file separately.

Any tax withheld from your paycheck during the year will get deducted from the $240.

Make sense?

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Customer reply replied 3 months ago
Thanks!
I understand 2018 withholds now.But do I owe any tax for house sell? I was co-owner but didn't get to keep any money from the profit. I had transferred it all to husband within hours after closing.
Tax Professional: Barbara, Enrolled Agent replied 3 months ago

If the house was your primary residence and you owned and lived in it for 2 of the 5 years immediately preceding the sale, up to $500,000 of any GAIN from the sale is excluded from capital gains tax if you file married filing jointly. If you file married filing separately up to $250,000 of any gain is excluded.

For example, if you bought the house for $50,000 and sold it for $100,000, the gain is $50,000. No tax would be due whether you file jointly or separately.

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Tax Professional: Barbara, Enrolled Agent replied 3 months ago

If the house was your primary residence, and there was no gain, it does not get reported on your tax return unless you received a 1099-S from the title company/closing agent.

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