A It depends. To qualify for the exclusion, you must have owned and used the home as your principal residence for at least two of the past five years. For a married couple, only one spouse has to meet the ownership test, but both spouses must meet the use test. Therefore, if you sell a home after marriage, you won’t qualify for the $500,000 exclusion for a married couple unless you both lived in the home for at least two years during the five-year period ending on the sale date.
Tip: If you wait at least two years before selling the home, you should be able to claim the full $500,000 exclusion.
- Small Business Tax Deduction Strategies No matches