@RayW7
Im hoping you could help with my situation.
I have unique cap gains situation.
I owned a home and put it up for sale August 2020. The mortgage and deed were solely under my name and I was exempt from paying cap gains in that transaction because I met all the requirements.
My fiancé and i purchased a home April 2020 but I am not on the mortgage- just the deed.
We then got married Feb 2021.
We are going to sell our house May 2022- this gives us the 2 year residency mark and 2 year ownership -would my husband be able to be exempt from $250k cap gains (vs the 500k married limit) since he hasn’t used the home sales exclusion on two years and we’re married within that time frame?
I know we would not be able to qualify for the joint 500k (the profit would only be around 220-250k anyway) because I have used the exemption in the last two years but it sounds like
he would be able to qualify for the 250k.
Would we be able to still file married filing jointly next year or would we have a to file separately because he would be the only one eligible for the cap gains exemption?
