Skip to main content
March 25, 2025
Solved

capital gains

  • March 25, 2025
  • 1 reply
  • 0 views

purchased our primary residence from the veterans administration as of foreclosure property in February 1983 with an installment loan contract, which is similar to a mortgage. in October 2024, I found out that the deed was never transferred from the veterans administration to our name. My husband passed away in October. I had my realtor and title company has the deed transferred as of November 2024.. Will I be entitled to get the capital game exemption if I sell my house before November 2026 and how do I prove that I’ve lived here?

    Best answer by SusanY1

    Yes, you will still be entitled to the exclusion of gain due to sale of your primary residence since it's been your home far more than 2 of the last 5 years. 

    It isn't likely the IRS will ask you to prove that you've lived there any specific amount of time, but if they do they will provide you with a list of items that are acceptable proof.  

    Their own records likely show you at that same address for decades now, so I don't think it will be a problem.  

    I'm sorry for the loss of your husband.  

    1 reply

    SusanY1
    SusanY1Answer
    March 25, 2025

    Yes, you will still be entitled to the exclusion of gain due to sale of your primary residence since it's been your home far more than 2 of the last 5 years. 

    It isn't likely the IRS will ask you to prove that you've lived there any specific amount of time, but if they do they will provide you with a list of items that are acceptable proof.  

    Their own records likely show you at that same address for decades now, so I don't think it will be a problem.  

    I'm sorry for the loss of your husband.  

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"