california do both parties have to be on title for no capitol gains??

[quinnsmom22]

I live in Calif. We are going to sell our house and we are a married couple. My husband has only been on title for 1 year--he has been a student although he has lived in the property the 3 years we have owned it. Will all capitol gains still remain exempt even though we will make over the 250,000$ allowed? Thank you Quinnsmom22

 

[Snipes5]

If you lived in it and owned it for two years, and he lived in it for three years but only owned it for one year, your exclusion will be $250,000 and HIS exclusion will be an additional $125,000.

Did your house really appreciate more than $250,000 in three years? Holy Cow!

In any event, the $375,000 exclusion available to you should be more than enough to cover it, hopefully.

Snipes

 

[quinnsmom22]

thank you

Thank you are you sure of this

 

[Snipes5]

No, I just do this for a living, but I prefer to make up the tax code as I go along.

What do you think?

 

[quinnsmom22]

I am new and I did not know that liscensed professionals were answering the questions. Sorry also another question, My main with a clarification isdoes it matter who is on title? Does my husband have to be on title to get the tax break? we have been married 7 years and file taxes jointly too??? Quinnsmom22

 

[Snipes5]

The code states that the exclusion is for those who have both lived in and owned the house for at least two years.

So yes, he would have to have been an owner, ie on the title.

Not everyone here is a professional, but most who are will have some sort of disclaimer in their signature line. Another indicator is the number of posts the person has.

Of course neither of those is a guarantee, which is why many people here have disclaimers, stating that you should check with a local professional. This protects the professional as well as anyone who might take the advice, because each question is answered based on the facts presented, which may not be ALL the facts.

Snipes

 

[quinnsmom22]

I am new and I did not know that liscensed professionals were answering the questions. Sorry also another question, My main with a clarification isdoes it matter who is on title? Does my husband have to be on title to get the tax break? we have been married 7 years and file taxes jointly too??? Quinnsmom22

 

[quinnsmom22]

Thank you

Thanks a lot-Quinnsmom22