NASSAUSUFFOLK

FYI   A widow(er) is entitled to deceased spouse $ 250k exemption . IF Sale of principal residence occurs within two years of spouses death AND  must not be remarried. Client was happy to hear .

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Roman A. Bellusci
ROMAN BELLUSCI, CPA PC
Floral Park NY
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From IRS.Gov

Married, Divorced, Widowed Marriage. Married individuals may exclude up to $500,000 of gain if they file a joint return and neither spouse excluded gain on the sale of another home within a previous 2-year period. If one spouse meets the owner-ship requirement, both are considered to have met the requirement. See Eligibility Step 2-Ownership, earlier. However, each spouse must individually meet the residence requirement. See Eligibility Step 3-Residence, earlier.Separation or divorce. You can count a home as your residence during any period when ALL of the following are true:
You are a sole or joint owner.
Your spouse or former spouse is allowed to live in it under a divorce or separation agreement.
Your spouse or former spouse uses it as his or her residence (not just as a second home). Home acquired through transfer from spouse. If your home was transferred to you by a spouse or ex-spouse (whether in connection with a divorce or not), you can count any time when your spouse owned the home as time when you owned it. However, you must meet the residence requirement on your own.Death of spouse.

If you sell your home after your spouse dies (within 2 years after your spouse dies), and you have not remarried as of the sale date, you can count any time when your spouse owned the home as time you owned it, and any time when the home was your spouse's residence as time when it was your residence

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Roman A. Bellusci
ROMAN BELLUSCI, CPA PC
Floral Park NY
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