DEAR BOB: Can a couple with one spouse living in one house, and the other spouse living in another house, fulfill the tax requirements to claim the $125,000 tax write-off on both properties? – Victor T. DEAR VICTOR: There is no $125,000 home sale tax exemption. Perhaps you are thinking of the $250,000 principal residence sale tax emption (up to $500,000 for a qualified married couple filing a joint tax return) of Internal Revenue Code 121. Purchase Bob Bruss reports online. If one spouse owns and occupies his or her principal residence for at least 24 of the 60 months before its sale, that spouse can qualify for up to $250,000 tax-free capital gains under IRC 121. The other spouse can also qualify for the same exemption on another principal residence owned and occupied by that spous...
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