tax from home sale

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?

You don't have to give her anything. If you file a joint return, you can claim the full $500,000 exclusion if one of you owned the home for 2 of the 5 years prior to sale, and both of you used it as your primary residence for 2 of those 5 years. This assumes your spouse has not sold a home in the last 2 years & excluded gains on it.

Not every day you save a few thousand bucks by asking a single question, eh? Feel free to tip.