Ask The Hammer: Will I Get the $250,000 or $500,000 Home Sale Tax Exclusion?

A reader has a question regarding the home sale tax exclusion. Expert Jeffery Levine, chief planning officer at Buckingham Wealth Partners, answers.
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Question: 

"My husband died in May of 2020. If I sell our house within 2 years of his death, can I use the full $500k marital exemption on gains. I live in Nevada, which is a community property state. That means I get a full step-up in basis on the property when he died. So, if I wait longer than 2 years to sell will I only get the $250k exemption but at least I will have a higher basis?"

Watch this episode of Ask The Hammer to find out. 

Got Questions?

Email AsktheHammer@BuckinghamGroup.com. 

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