Tax Law (Questions About Taxes)/married and 2 homes to sell
I owned a home since 2009 and am scheduled to close on the selling this coming monday. I was married and my husband also owns a home. We plan on selling his to buy a house together. How will this affect our capital gains taxes? I know that as a married couple we are tax exempt on capital gains taxes up to a certain amount, but what if we sell 2 homes in one year? My house was in my name only, and his house is in his name only since we owned them before we even met. How will this affect our 2014 tax return? Thanks.
I would use the 2013 tax return to see how it would have effected your return this year an the will give you an idea how it would effect your taxes next year. Remember it the net of the sale after the original purchase price plus the selling cost including any repairs and real estate commissions paid and the closing agent fees. That is for each house.