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by CareyBot

DEAR BOB: I bought my home 13 years ago. Ten years ago I was married, but I never added my husband's name to the title. He died recently. I was told I have one year from his date of death to sell my house and get the $500,000 principal-residence-sale tax exemption. I will file a joint tax return for 2006 as we did every year since 1997. Can I claim the $500,000 exemption? --Nancy E. DEAR NANCY: Did your husband die in 2006 or 2007? The answer makes a big tax difference for you. Purchase Bob Bruss reports online. Because you never added your husband's name to your home title, you inherited nothing from him since he didn't own half of the house. Therefore, you didn't receive the stepped-up-basis-to-market-value benefit when inheriting the property. If your husband died in 2006, ...