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  • 1.  Sale of Residence

    Bronze Most Valuable Member
    Posted 03-03-2018 06:11 PM

    Good evening everyone.  

    I have a couple who were married in September 2017.  Both had residences they owned and lived in for at least 2 years, no prior sales of residences with gains below $200,000 each.  Since each qualified to exclude gains on the sale of residence if they were single can they claim the exclusion for both residences sold during 2017 on a joint return for 2017?

    Thanks for any feedback.

    Paul



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    Paul Sadej
    CPA
    PAUL J. SADEJ JR., CPA PC
    Bellmore NY
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  • 2.  RE: Sale of Residence

    Bronze Most Valuable Member
    Posted 03-05-2018 06:37 AM
    They can both claim their portion of 250k. Most tax programs give you the option to allocate to tax payer and spouse. Not that it would make a difference but that’s to split the return and she who owes what.

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    Vivian Gavalas, CPA
    Fine Point Accounting
    New York NY10018
    347-504-1040
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