tax issues during separation

[riclag]

Massachusetts: I'm currently going through a divorce. 2004 taxes ,should they be filed jointly or separately. I believe there is a large tax refund that could benifit me .
Cap Gains on sale of house whats the tax law, on CG tax, Is there a one time pardon from tax on the sale of the house .

 

[sddad]

If both of you are making equal payment on the house then it makes sense to file jointly and split the return or tax due.

 

[LdiJ]

Massachusetts: I'm currently going through a divorce. 2004 taxes ,should they be filed jointly or separately. I believe there is a large tax refund that could benifit me .
Cap Gains on sale of house whats the tax law, on CG tax, Is there a one time pardon from tax on the sale of the house .

You may file together if you both agree to do so, or you may file separately if you don't. If you were separated for the last 6 months of 2004, you can be considered unmarried for tax purposes.

As long as the home was your principal residence for 2 of the last 5 years, your capital gains are not taxable. This is NOT a one time exclusion.