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vasalex
New Member

Married man with sole and separate property in California. Filling jointly? Exclusion amount by selling?

I am a married man with sole and separate property in California. 1) can we still fill our taxes jointly? 2) if we sell home which is our primary residence for more than 2 years then we get the $250k exclusion or 500k?

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1 Reply
Carl
Level 15

Married man with sole and separate property in California. Filling jointly? Exclusion amount by selling?

Your filing status has nothing to do with who owns what property. While you can file MFS, you'll find it more tax advantageous to file MFJ. You can still qualify for $250K for each joint filer, provided both of you meet the requirements individually. The program will ask qualification questions about each tax filer individually. If only one of you qualify, then you'll only get $250K. If both of your qualify individually, you'll get the full $500K on that joint tax return.

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