Question

Firpta and capital gains

Forum|Forum|1 year ago
July 12, 2024
1 reply
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I would like to know if my husband and I qualify for a exclusion from capital gains tax on the sale of our home. I am a US citizen, he is an undocumented immigrant, he has an ITIN and we file married filing jointly....we will be selling our home that we owned for almost 3 years. We resided in the home the entire time, we bought the house while married however I chose not to be put on the deed but the deed states "grantee a married man". We bough the home for $37k and will be selling it for $300k or less. I would like to know if we qualify for the capital gaim exclusion and will have no tax liability and also if there will be firpta withholding

Not A Product Question

B

Bsch4477

Employee

For a married couple filing jointly, only one spouse has to meet the ownership requirement. No, the spouse is not required to be on the title for the $500,000 exclusion when married. But the spouse MUST have lived in the home for at least 2 years during the previous 5 years on the date of sale.

Firpta applies to non resident aliens which does not appear to be your situation.