Tax Exemption, Capital Gains, Tax Filing Question
April 2021- Julie Sanders sold property that she owned for 15 years with her late husband. It was her primary residence for 13 years and she rented to a tenant for 1 year. It was her primary residence for 3 out of the last 5 years. $168,000 profit.
June 2021- Alex Hawxhurst sold his home that he lived in and owned for just over 2 years. $60,000 profit.
September 2021 – Julie Sanders and Alex Hawxhurst got married
Oct/November 2021- Sanders/Hawxhurst primary residence of about 2 years to be sold with an estimated profit of $80,000
Will all the houses qualify for the tax exemption? Will capital gains tax have to be paid on any of the sales? Should we file Married filing jointly or Married filing separately for 2021?
Thanks for your help!
Permalink Submitted by Alan - IRA critic on Fri, 2021-10-01 21:19
Sorry, this is an IRA and retirement plan forum.