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Filing separately, home sale exemption

mjoy4087 — Sun, 19 Jan 2025 16:44:21 GMT

We have sold our home and netted $420,000. We have to file separately. Can we each claim the $250,000 exemption

Bsch4477 — Sun, 19 Jan 2025 16:50:55 GMT

Yes, each takes 250K

mjoy4087 — Sun, 19 Jan 2025 16:55:37 GMT

How do I report the sale then across both tax returns? Do I split the $420k and report $210k on each return?

Bsch4477 — Sun, 19 Jan 2025 17:12:44 GMT

Yes. Each of you reports half.