Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

DEAR BOB: My wife died last August after a long illness. I plan to eventually sell our longtime house because it is far too big for me alone. But my daughter says if I don't sell by Dec. 31, 2004, I lose my $500,000 tax exemption. Is this true? – Raymond H. DEAR RAYMOND: Please don't despair. This is a technical problem with Internal Revenue Code 121 because 2004 is obviously the last tax year you can file a joint income tax return with your late wife. Purchase Bob Bruss reports online. As you probably know, a married couple filing a joint income tax return is entitled to a principal residence sale tax exemption up to $500,000. Internal Revenue Code 121 requires them to have owned and occupied their home at least two of the last five years before its sale. However, if you and you...