What is the name of your state?What is the name of your state? California
My husband and I were married in October 2004. I purchased my home in February 2000 and he purchased his in January 2002. We started dating in August 2002 and lived in my residence soon after. For the years 2002 and 2003, we filed separate tax returns using our respective addresses. After we were married and in February 2005, we recorded the properties to include both our names. For 2004, we will be filing a joint tax return using my address as we have been residing there since late 2002.
We are considering selling my house in 2005. May we take the $500,000 exemption on our 2005 tax return?
My husband and I were married in October 2004. I purchased my home in February 2000 and he purchased his in January 2002. We started dating in August 2002 and lived in my residence soon after. For the years 2002 and 2003, we filed separate tax returns using our respective addresses. After we were married and in February 2005, we recorded the properties to include both our names. For 2004, we will be filing a joint tax return using my address as we have been residing there since late 2002.
We are considering selling my house in 2005. May we take the $500,000 exemption on our 2005 tax return?