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Years widowed can tax-shield home sale

A surviving spouse selling a primary residence is entitled to the same $500,000 capital gains exclusion that married couples filing joint tax returns are allowed. But there are some requirements. The sale must take place within two years of the death of a spouse. The house must have been the primary residence for two out of the five years prior to the death. A capital gains exclusion cannot have been taken on another residence within two years prior to the death. And the remaining spouse must not have remarried. See this IRS publication for more information.


 

 

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