Sale of Home Exemption Thank you to anyone who may be able to guide me with this question regarding the capital gains exemption of a primary residence.
I had a primary residence which I sold in 2015 for <250k profit and as I met the exemption criteria, I did claim this exemption on my 2015 taxes. In March of 2016 my fiance also sold a home for <250k in gains. She also met the appropriate criteria for this home. We were married this month (Oct 2016).
My question is, can she still take the exemption on capital gains for 2016 as we will be required to file as married for our 2016 taxes? Can we still do this married filing jointly? Filing as married filing separately would end up hitting us much harder than just paying the capital gains.
Thanks in advance for the help! |