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Old 02-23-2013, 01:56 PM
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Capital Gains on home sale

My husband and I both owned homes prior to getting married in 2011. We still have both homes. I plan to sell my home in a few years.

The question: How is the capital gains calculated in situations like this. Is there a "one time exclusion" of no tax on the first $250,000 of capital gains or is that on every sale of your personal home. If you are allowed a one time exclusion, does that apply to us individually or as a couple?

Thanks



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Old 02-25-2013, 02:35 AM
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If each member of a married couple owns and occupies a separate residence and files jointly, each may exclude up to $250,000 in gain when they sell. Also, if it's a new marriage and one spouse sold a residence within two years before the marriage (thereby disqualifying him- or herself from the exclusion), the other spouse may still exclude up to $250,000 in gain on a residence owned before the marriage.



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