Posted on: 05th Jan, 2011 02:38 pm
My daughter would like to sell her condo with a low basis. She got married one year ago but has lived with her (now) husband there for over two and one half years in total at the same condo.
She has sizable taxable gains. The question is how much is their exemption? Basically, does his residency count towards the two years (of five) even though they were not married all of the time and that title is not held in both of their names?
Since we have gotten conflicting opinions, any credible references would be terrific.
She has sizable taxable gains. The question is how much is their exemption? Basically, does his residency count towards the two years (of five) even though they were not married all of the time and that title is not held in both of their names?
Since we have gotten conflicting opinions, any credible references would be terrific.
Hi Strock!
Welcome to forums!
It will be a better option if you could contact a tax adviser in this situation and take his help in this matter. He or she will be able to help you know the exemptions that your daughter may get.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It will be a better option if you could contact a tax adviser in this situation and take his help in this matter. He or she will be able to help you know the exemptions that your daughter may get.
Feel free to ask if you've further queries.
Sussane