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S
Sandy_Richardson
Level 3
September 20, 2022
Question

Two people owned homes and sold them, then married in same year. All rules for exclusion are satisfied on both homes. Should they file MFJ or MFS?

  • September 20, 2022
  • 1 reply
  • 7 views
They each lived in their homes for more than 5 years. After selling they married, moved out of state and he bought another home they live in now.
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1 reply

rbynaker
rbynaker
Level 13
September 20, 2022

See if Example 3 helps:

https://www.law.cornell.edu/cfr/text/26/1.121-2

 

S
Sandy_RichardsonAuthor
Level 3
September 20, 2022

Thank you for this link. Example 3 is exactly the scenario. I have entered both homes in Schedule D, 4797 and home #1 netted $1,900 and home #2 netted $110,000.  Since both are under $250,000 per MFS or $500,000 MFJ shouldn't capital gains on 1040 equal zero?  My result is $59,000 showing in capital gains 1040, with no other entries. Why is it showing capital gains in income?

sjrcpa
sjrcpa
Level 15
September 20, 2022

Have got each home marked as Taxpayer or Spouse?

The more I know the more I don’t know.
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