Capital Gain Tax

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Icon Mini Profile Pitman1




Joined: 06 Oct 2008

Posts: 1

1.28 Dollars($)
PostPosted: Mon Oct 06, 2008 2:29 pm    Post subject: Capital Gain Tax

My Mom and I remodeled a home in California and have been living in it for almost two years. My name is not on the deed but we want to sell it and maximize on the capital gain tax. Can we add my name to the deed only and when it comes time to sell, be able to claim as much of the $250,000 each for owner occupant?
Icon Mini Profile Caron
Caron
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Joined: 19 Jul 2005

Posts: 1562
Location: florida
266.76 Dollars($)
PostPosted: Tue Oct 07, 2008 4:59 am    Post subject:

Well Pitman, a single owner can get tax exemption for $250,000 in profit from the home sale. If he is married, he can claim exemption for twice the value of profit. But I don't think you can claim exemption for $250,000 as because you are the occupant.

An owner and occupant can only claim exemption for twice the profit amount provided, they are in a marital relationship.

Good luck

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