Ed called into the Clark Howard show to talk about selling his house. He bought it 16 years ago for $150,000 and now it’s worth $800,000. Great investment.
But Ed is single. So, he could only shelter $250,000 in profits. But he’s been dating a woman for years, of whom he is “fond.” Should he marry her in order to shelter more in profits?
According to Chet Burgess, of Brookwood Tax Service, to shelter $500,000 in profits, Ed would have to be married and his wife would have had to live in the house for two of the past five years — but some of that could have happened before they married.
For love or money? What do you think?
Sept. 3, 2007.