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121 Exclusion, date of marraige

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    121 Exclusion, date of marraige

    Clients are marrying and plan to sell one residence and purchase another.

    They are aware that both must reside in Ressidence #1 for two years before the sale.

    Has anyone read if, in our modern times, they must be married for all of the two years?

    Emily Post

    #2
    Reduced exclusion available

    If one spouse owned and resided in the house for 2 of 5 years they would qualify for the single exclusion of $250,000.
    In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
    Alexis de Tocqueville

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      #3
      If they were living in sin for 2 out of 5 years and both owned the home for 2 out of 5 years prior to the sale they can both exclude $250,000.

      Comment


        #4
        Veritas,

        Where do you get all of your quotes from?

        I especially disagree with the one on the bottom of your post in this thread, but am always intrigued to see what will show up next.

        Comment


          #5
          If you register I will tell

          Comment


            #6
            not an element

            Marriage is not an element of Section 121, except that only one spouse has to meet the ownership requirement. Each spouse must meet the residence test.

            Comment


              #7
              Originally posted by veritas
              If you register I will tell
              Hey Veritas I am registered tell me . I want to know.

              Comment


                #8
                Originally posted by sea-tax
                Hey Veritas I am registered tell me . I want to know.
                sent you reply by pm

                Comment


                  #9
                  Originally posted by veritas
                  sent you reply by pm
                  .

                  cool I will look at it.

                  Comment


                    #10
                    Originally posted by veritas
                    sent you reply by pm
                    Well....d-a-m-n Veritas.. Now we all want to know. Here it is bed time and I will be up all night wondering where those sayins come from.

                    Comment


                      #11
                      Originally posted by OldJack
                      Well....d-a-m-n Veritas.. Now we all want to know. Here it is bed time and I will be up all night wondering where those sayins come from.
                      old Jack you just have to ask nicely . "I know something you don't know"

                      Comment


                        #12
                        D--a--m--n!!!
                        Please, pretty please, with sugar on it! (d..a..m..n)

                        Everybody seems to know things I don't know. (d*a*m*n)

                        Comment


                          #13
                          Originally posted by OldJack
                          D--a--m--n!!!
                          Please, pretty please, with sugar on it! (d..a..m..n)

                          Everybody seems to know things I don't know. (d*a*m*n)

                          What does d*a*m*n* mean?

                          Comment


                            #14
                            Originally posted by sea-tax
                            What does d*a*m*n* mean?
                            d*a*m*n = I will be in your debt forever and I will give you my wife (please take her).

                            Comment


                              #15
                              Originally posted by OldJack
                              d*a*m*n = I will be in your debt forever and I will give you my wife (please take her).
                              Sounds like an old Rodney Dangerfield line

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