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by CareyBot

DEAR BOB: In 1989, my wife and I bought our family home together. In 1998, we separated. I moved into an apartment and she stayed in the house. We divorced in 2003. I agreed to receive a $100,000 lump sum payment when our house is sold. In June 2005 we sold the house and at the closing I received $100,000. Am I still entitled to my tax exemption on the $100,000? --Joe C. DEAR JOE: Yes. If I understand your e-mail correctly, at the time of the home sale your ex-wife was still living in the family home as her principal residence. Purchase Bob Bruss reports online. Presuming she qualifies for the Internal Revenue Code 121 principal residence sale $250,000 capital gain tax exemption, by owning and living in the home at least 24 of the 60 months before its sale, then you also qualify for up to...