Husband Doesnt Own

Expert, localized Los Angeles answers provided by Heather Roy

Husband Doesnt Own
	Dear Edith: I have a question regarding the sale of a home and the $250,000 capital gains exclusion that I haven't seen addressed in your column before. I purchased my home many years ago and was married two years ago. My husband's name is not on the deed. Should we decide to sell and the profit is $500,000, would I be able to apply the exclusion to both myself and my husband?

	It sounds as if you meet the ownership and occupancy requirements for using the homesellers exclusion. If your husband meets the occupancy requirement (at least two of the five years before the sale) he need not be an owner. The two of you can sell and take up to $500,000 capital gain free of federal taxes.
	Edith Originally published on May 29, 2005

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