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Married Filing Separately |
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Dear Edith: My wife and I have owned our home for many years. We are both retired and will sell in about a year. The question is we file separate income tax returns. Will this prevent our keeping whatever we receive from the sale? If so what can we do? |
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As a married couple who meet the ownership and occupancy requirements, you may take up to $250,000 profit on the sale of your home, free of federal income tax. On your separate tax returns, each of you may use half the exclusion, $125,500, against your share of the profit. |
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Edith
Originally published on February 6, 2006 |
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