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I'm considering taking a new job that would require a move. My spouse and I live in San Francisco and the apartment has appreciated in value a lot over the past few years. I have owned and lived in the apartment for over 2 years, but my spouse only moved in 10 months ago after we got married. Can anyone tell me how much of the $500k capital gains exclusion we would qualify for since my spouse doesn't meet the 2 year use rule?
I'm considering taking a new job that would require a move. My spouse and I live in San Francisco and the apartment has appreciated in value a lot over the past few years. I have owned and lived in the apartment for over 2 years, but my spouse only moved in 10 months ago after we got married. Can anyone tell me how much of the $500k capital gains exclusion we would qualify for since my spouse doesn't meet the 2 year use rule?
Thanks in advance!
Not sure why this is being asked in the NJ forum, but you should really ask a CPA based in California.
I'm considering taking a new job that would require a move. My spouse and I live in San Francisco and the apartment has appreciated in value a lot over the past few years. I have owned and lived in the apartment for over 2 years, but my spouse only moved in 10 months ago after we got married. Can anyone tell me how much of the $500k capital gains exclusion we would qualify for since my spouse doesn't meet the 2 year use rule?
Thanks in advance!
For Federal, $250,000 if you file jointly. If you file separately, since CA is a community property state she'll take half the gain and pay taxes on all of it, and you'll take half the gain and get up to a $250,000 deduction on your half.
For Federal, $250,000 if you file jointly. If you file separately, since CA is a community property state she'll take half the gain and pay taxes on all of it, and you'll take half the gain and get up to a $250,000 deduction on your half.
Gay marriage is has been legal in California for awhile now as it is in New Jersey. To be on the safe side of PC referring to a *spouse* as automatically *she* (or the reverse of whatever gender the writer appears to be) is not always accurate.
Because the move is due to a new job, an exception to the 2-year rule applies; assuming the new job is at least 50 miles further from home than the old job.
Use Worksheet 3 in Publication 523 (as directed by nybbler, above). As I read it, the spouse is entitled to a prorated deduction for the number of days occupied; the formula being (# days occupied) divided by 730 multiplied by $250,000.
If spouse has already resided there for 10 months, it will be at least a year by the time this closes, entitling spouse to a $125,000+ exclusion atop OP's $250,000 exclusion.
Gay marriage is has been legal in California for awhile now as it is in New Jersey. To be on the safe side of PC referring to a *spouse* as automatically *she* (or the reverse of whatever gender the writer appears to be) is not always accurate.
Just a thought.
"I don't care LOL bye". If OP wishes to correct me I will use the correct pronoun, otherwise I'm not going to go through contortions to avoid making a choice.
(also, I assumed "Mike" was a male even though I've known women who went by "Mike")
"I don't care LOL bye". If OP wishes to correct me I will use the correct pronoun, otherwise I'm not going to go through contortions to avoid making a choice.
(also, I assumed "Mike" was a male even though I've known women who went by "Mike")
Perhaps it is just me and as a result of living in NYC thus having to deal with endless memos at work about "PC" correct ways of addressing persons or whatever that one no longer automatically associates "spouse" with a husband or wife of the opposite sex. That being said usually when one hears that word from a man these days it is most always a SSM. Straight men one knows or hears speaking of their "spouse" use the word they have for ages "wife". Well there are a few others but this is a family group, *LOL*
Have also noticed more and more form from both federal and local government or whatever no longer list "husband" or "wife" but the generic "spouse". Just as "father" and "mother" is being replaced by the generic "parent" or in some cases "parent 1" and "parent 2".
Thanks everyone and sorry for putting it in the NJ forum.
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