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by CareyBot

DEAR BOB: My partner and I are domestic partners and have been for 14 years. If we sell our home, does my partner (who owns the home) only get to deduct the $250,000 principal residence sale deduction or can she deduct $500,000? If I were on the title with her jointly, could we then deduct up to $500,000 profit? – Patti B. DEAR PATTI: Because your name is not on the title to the home, only your partner is entitled to deduct up to $250,000 principal residence sale profits allowed by Internal Revenue Code 121. Purchase Bob Bruss reports online. However, if your name was also on the title, then you will also become entitled to deduct up to $250,000 tax-free principal residence sale profits. To qualify, (1) your partner should sign and record a quit claim deed to you for a half int...