Death of Spouse
We want to provide our community with information that can save you money and help you avoid heartache. A recent story could have meant a big difference in the life of a home seller if he had known. It would have saved him $50K+ in taxes! So we wanted to share this TIP :
If you or someone you know lost their spouse and owns a home they may need to sell, if they sell within 2 years of the spouse’s death, they may still receive the benefit of $500K tax exclusion! An unmarried surviving spouse is allowed to claim the larger $500,000 joint-filer gain exclusion for a principal residence sale that occurs within two years after the spouse’s death. This is a beneficial rule but remember the deadline. The two-year period begins on the date of your spouse’s death. Of course if you do not have enough equity, this may not be of concern, but for some – it can make a huge difference. Check out our blog or register for our newsletter to receive these kinds of updates and information!
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