IRS Home Sale Exemption
REM #F793
By Ilyce R. Glink
Summary: A reader asks whether his mother can still get an IRS home sale exemption after his father died. Ilyce responds that yes, she can still get the IRS home sale exemption so long as she lived there two of the past five years.
Q: My father passed away in January. He and my mother owned a principal residence, which my mother may want to sell at some point in the near future.
Is my mother still entitled to the $500,000 home sale exemption on their principal residence?
A: Yes. A new law permits her to take his exemption if she sells at any time
over the next 2 years. So, she’ll be able to shelter up to $500,000 in
profits as long as she has lived in the house for two of the last 5 years.
For more details, please speak to an estate attorney or real estate attorney.
NOTE: Ilyce R. Glink's latest ebooks are "Credit Scoring Secrets" and "How to Find a Great Real Estate Agent," which are available at her website, www.thinkglink.com.If you have questions, you can call her radio show toll-free (800-972-8255) any Sunday, from 11a-1p EST. You can also write to Real Estate Matters Syndicate, PO Box 366, Glencoe, IL 60022 or contact her through her website, www.thinkglink.com © 2007 by Ilyce R. Glink. Distributed by Tribune Media Services
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