Home sale taxes
September 26, 2017
I’m Miriam Neff-with STARTING OVER FINANCIALLY,-and I’m Valerie Neff Hogan, and we’re here to talk about money
M While few like to talk of death, this is a reality in marriages. Here’s an important fact. Surviving spouses may exclude from income tax $500,000.00 of home sales profit if they sell their home within two years of their spouses death, as long as they owned and lived in the home 2 of the 5 years before death.
V That sales profit number is based on the value of the home at the time of death. Its important to have a home appraisal at that time. That is the basis point for the home sales profit.
M This information helps preserve your wealth so that you can determine how to spend, invest, or give those resources.