Friday, July 17, 2009

My husband passed away, can I still qualify for $500,000 exclusion on the sale of my house?

Question: I just sold my home in May of this year. My husband passed away in November of last year. Can I still qualify for the $500,000 exclusion of gain?

Answer: The surviving spouse qualifies for the $500,000 exclusion of gain, if:
1) unmarried at the time of sale, 2) sale occurs within 2 years after date of death, 3) time, use and frequency requirements were met before your husband passed aw

For clarification of tax laws, visit irs.gov
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