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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:
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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February 24, 2020
5:36 PM