M
mtbnutty
Guest
What is the name of your state?California
My girlfriend and I getting married late in 2005. We each have lived in our own homes for several years. She has less than 250K in equity in her home and I have more that 250K in equity in mine. We would like to sell her home and move into mine. She would qualify for the capital gains tax exclusion rule. Question: After we marry, and she moves in with me, can we sell my home and qualify for capital gains exemption (up to 500K)?
Or restated, how can we sell both homes and avoid ALL capital gain taxes?
My girlfriend and I getting married late in 2005. We each have lived in our own homes for several years. She has less than 250K in equity in her home and I have more that 250K in equity in mine. We would like to sell her home and move into mine. She would qualify for the capital gains tax exclusion rule. Question: After we marry, and she moves in with me, can we sell my home and qualify for capital gains exemption (up to 500K)?
Or restated, how can we sell both homes and avoid ALL capital gain taxes?