DEAR BOB: I have been married 13 years. When we married, my husband moved into my home where we still live. I never added his name to my title, although his name is on the mortgage loan. We plan to sell the home in 3 1/2 years and use the money to build a home in North Carolina as our new residence. Will we have a problem with the home-sale tax exemption if we do not add my husband's name to the title before selling our home? --Anita D. DEAR ANITA: Presuming your husband continues to behave himself, and you both meet the 24-out-of-last-60-months-before-sale, principal-residence occupancy test of Internal Revenue Code 121, and if you file a joint income tax return in the year of the sale, up to $500,000 of your principal-residence-sale capital gains will be tax-free. Purchase Bob Bruss r...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.