I got married this year and I own a home I lived in alone for the past 10 years. Now that I’m moving into my spouse’s home, I plan to sell my old home before the end of the year. Should I file my taxes jointly with my spouse or separately to be eligible for the no capital gains tax eligibility of living in my home the majority (all) of the last 5 years? My concern is that if I file jointly, since my spouse did not ever live in my house, it would show no eligible residence in the past 5 years.
You'll need to sign in or create an account to connect with an expert.
You can file Married Filing Jointly and still get the capital gain exclusion of $250,000 on the sale of your home. Just because your spouse did not live in your home for at least two years does not mean you are not eligible for the $250,000 exclusion.
@user17523150919 your spouse is not eligible for the $250,000 exlcusion, but that doesn't mean you aren't.
File Joint. You should show a $250,000 exclusion for the home sale. Don't let TT provide a $500,000 exclusion. Just follow the questions and prompts CLOSELY.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
johntheretiree
Level 2
ekcowell
Level 1
in [Event] Ask the Experts: Investments: Stocks, Crypto, & More
user17524145008
Level 1
in [Event] Ask the Experts: Investments: Stocks, Crypto, & More
user17525940873
New Member
user17525140957
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.