Do I have to pay capital gains tax on the sale of my house in 2020 if we sold my wife's house in November 2019? We each owned our homes prior to the marriage.

duceswild23 · ‎March 22, 2021

We got married in October of 2019. Neither home sale profited more than $250,000. We both lived in them as our primary residence for more than 5 years.

PattiF · ‎March 22, 2021

No, you do not need to pay capital gains on the sale of your house. You both qualified for the exclusion on your houses.

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Hal_Al · ‎March 23, 2021

You are each allowed an up to $250,000 exclusion on the sale of each home. You may still file as Married filing jointly and claim the exclusion. Had your gain been more than $250K, you would have been limited to $250K because your spouse had claimed a home sale within the 2 year period

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Do I have to pay capital gains tax on the sale of my house in 2020 if we sold my wife's house in November 2019? We each owned our homes prior to the marriage.