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Submitted By: Patti
Answered: July 30, 2013 8:30 am
Answered: July 30, 2013 8:30 am
My fiancé and I each own a home that has appreciated considerably in value. Do we need to sell the homes before we get married in order to maximize the home sale exclusion?
If you sell before or after you marry and the sales take place in the year of your wedding, on a joint return you can each use the $250,000 home exclusion. However, if either excludes less than $250,000, the unused exclusion amount cannot be used by the other spouse.
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Tax Glossary
Revenue ruling
A revenue ruling is the Commissioner’s “official interpretation of the interpretation of the law” and generally is binding on revenue agents and other IRS officials. Taxpayers generally may rely on published revenue rulings in determining the tax treatment of their own transactions that arise out of similar facts and circumstances.
