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Capital Gain Tax

Posted on: 06th Oct, 2008 02:29 pm
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?
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
Posted on: 07th Oct, 2008 04:59 am
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