What is the name of your state? New York
We are soon selling our home.I am on the deed and this has been our primary residence for at least 5 years.My wife is not on the deed..If we net approx.,500k from the sale of our home,I understand that I would be exempt from the first 250 after the mortgage is paid off.Am I allowed to give my wife a one time gift of 60k and exclude that from the net amount of sale?
We are soon selling our home.I am on the deed and this has been our primary residence for at least 5 years.My wife is not on the deed..If we net approx.,500k from the sale of our home,I understand that I would be exempt from the first 250 after the mortgage is paid off.Am I allowed to give my wife a one time gift of 60k and exclude that from the net amount of sale?