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Important Tax Exemption on Your House
You may not have heard, but this is important for you to know, for your parents or grandparents to know, and also your clients. Anything you can pass on to them that's valuable information just makes you appear even more helpful and professional. So here goes. Congress passed its final tax bill of last year and gave homeowners a boost when selling their homes after the death of a spouse. Can it be that they're getting older so it was an extra incentive for them? At any rate, it's probably not news to you that you get a $500,000 exclusion when selling your home if you're married and $250,000 if you're single. You must have lived in the property as your primary residence for a cumulative two of the preceeding five years. But what happens to a married home owner if the spouse dies? Formerly you'd only get a $500,000 exclusion if you sold the home in the same calendar year of the spouse's death. That puts a huge physical and emotional burden on the surviving spouse, especially if the death of the spouse happened late in the year. In other words, if a spouse died in October, the surviving spouse would have to sell the house by December 31 of the same year to claim $500,000. Terrible law. If they couldn't do it, the survivor could only claim $250,000. However, that's been changed. Legislation went into effect late last year that gives the surviving spouse up to two full years to qualify for the $500,000 exclusion - even though at that time they are technically single. The bill is H.R.3648. The capital gains change is in Section 7. If you're working with the elderly or a real estate agent, make sure they know about this. It could make a huge difference and everyone should know about it.
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Contributor's Note
Barbara Jennings is Director of the International Home Staging and Interior Redesign Programs hosted by Decorate-Redecorate.Com. Author of 8 books, she is a nationally recognized expert in home staging and interior redesign and decorating.
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