Phoenix Arizona Property Management, Homes, Homes, For Sale, For Rent

Homeowners already know the numerous tax breaks that Uncle Sam provides, most notably mortgage curiosity and property tax deductions. To qualify for the home sale exclusion, you don’t have to be living in the home at the time you sell it. Your two years of possession and use may occur anytime throughout the 5 years before the date of the sale.

Because you owned the residence for the requisite time, as joint filers, you don’t have any problem assembly the ownership test regardless that your spouse wasn’t an official owner for that lengthy.

That means if your new spouse offered his or her city home a month earlier than the marriage, then you’ll have to attend two years after that property’s sale date earlier than you may get rid of your shared marital residence completely tax-free.