Full home sale exclusion for surviving spouse — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Full home sale exclusion for surviving spouse

by on
in Small Business Tax

Q. My husband passed away 1½ years ago. Can I still claim the joint home sale exclusion if I roll over funds into another place? M.C., Rye, N.Y.

A. Yes. The full $500,000 home sale exclusion (which is reduced to $250,000 for single filers) is still available for up to two years after the death of a spouse. But both spouses must meet the requirements of use and ownership of the home as a principal residence for at least two out of the five previous years. Also, a surviving spouse can’t remarry before the sale.

Tip: You don’t have to “roll over” funds into another home. The rollover requirement was eliminated years ago.

Related Articles...

    No matches

Leave a Comment