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bryanm365
New Member

My wife and got married in 2018, shortly after we sold her property! Since we were married both of our names are on the documents! Do I need to show this income on mine?

 
2 Replies
Hal_Al
Level 15

My wife and got married in 2018, shortly after we sold her property! Since we were married both of our names are on the documents! Do I need to show this income on mine?

If it was her primary home that was sold, and she lived in it for more than two years, the capital gain, up to $250,000, is excludable.
Why aren't you filing as Married Filing Jointly. That's usually best. See <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1894449-married-filing-jointly-vs-married-filing-separately">https...>

If one of you has a debt that the IRS may offset, you can still file jointly and use injured spouse relief. You can file jointly and file an Injured Spouse Allocation Form 8379 with your return. To access that in TurboTax, type> form 8379, injured spouse <in the find (search) box. Then click find. Then click on Jump to…. You will be taken to questions about Innocent Spouse and Injured Spouse. Do not check anything on Innocent Spouse (that comes up first) and check the information on Injured Spouse.
Hal_Al
Level 15

My wife and got married in 2018, shortly after we sold her property! Since we were married both of our names are on the documents! Do I need to show this income on mine?

No, as long as she shows it all on hers

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