residence: A Limit on Widow's Gains Exclusion
- 07/21/07 12:21 PM
A Limit on Widow's Gains Exclusion Question: My husband and I owned a house as tenants in common. He died in 2005. Now I would like to sell the house. Am I entitled to the $500,000 exclusion on my capital gains?Answer: No. You would be entitled to the $500,000 principal-residence-sale capital gains tax exclusion only if you sold the house in 2005, the year of your husband's death.However, presuming you inherited your husband's share of the property; you received a new stepped-up basis to market value on at least that share as of the date of his death.Presuming you owned and … (0 comments)
A Limit on Widow's Gains Exclusion Question: My husband and I owned a house as tenants in common. He died in 2005. Now I would like to sell the house. Am I entitled to the $500,000 exclusion on my capital gains?Answer: No. You would be entitled to the $500,000 principal-residence-sale capital gains tax exclusion only if you sold the house in 2005, the year of your husband's death.However, presuming you inherited your husband's share of the property; you received a new stepped-up basis to market value on at least that share as of the date of his death.Presuming you owned and … (0 comments)
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