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Get your taxes done using TurboTax
See section 121(b)(2) of the Internal Revenue Code: <a rel="nofollow" target="_blank" href="https://www.law.cornell.edu/uscode/text/26/121#b_2">https://www.law.cornell.edu/uscode/text/26/121#b...>
With neither spouse meeting the residence requirement of the other spouse's primary residence, each spouse gets a separate exclusion of up to $250,000, as if not married, and the two exclusion amounts add together on the joint tax return, as indicated in section 121(b)(2)(B).
(The fact that the video assumes a couple living together must be inferred by comparing to section 121(b)(2).)
With neither spouse meeting the residence requirement of the other spouse's primary residence, each spouse gets a separate exclusion of up to $250,000, as if not married, and the two exclusion amounts add together on the joint tax return, as indicated in section 121(b)(2)(B).
(The fact that the video assumes a couple living together must be inferred by comparing to section 121(b)(2).)
May 31, 2019
5:48 PM