VictoriaD75
Expert Alumni

Deductions & credits

Yes. You can split it in any manner your choose, such as 50-50.

 

When a married couple sell their primary residence that they have lived in for at least two of the last five years, the IRS allows a capital gain exclusion for that sale.  For a married couple filing separately, the exclusion is up to $250,000 for each spouse, and up to $500,000 for a married couple filing jointly. For more information on the capital gain exclusion see this Link:

 

Sale of Your Home

 

To the sale of your home follow these steps:

• Go to Federal Taxes

• Select Wages & Income

• Expand the menu for "Less Common Income

• Select Start/Revisit next to Sale of Home and answer the questions on the screens that follow

 

 

 

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