$500K Capital Gain Exemption on House Sale Explained

By Kantrowitz, Goldhamer & Graifman, P.C.Matrimonial, News

New York & New Jersey estate lawyer Paul Goldhamer, Esq. is a founding partner at Kantrowitz, Goldhamer & Graifman. Mr. Goldhamer is a 2014-2015 New Jersey Super Lawyers® honoree. Above and beyond his work in matrimonial law, he keeps up a full schedule of teaching, charity work, and TV and radio appearances.

From Paul Goldhamer, Esq.:

A house is in a wife’s sole name and has never been in the husband’s name. Each party is entitled to a $250,000 capital gain exemption.

I believe the joint $500,000 exemption is available, so long as the parties are married and file taxes jointly, notwithstanding that the house is in one party’s sole name.   

Is this correct?     

TRUE. IT DOES NOT MATTER WHOSE NAME THE HOUSE IS IN, AS LONG AS A JOINT RETURN IS FILED.

Previous Post Next Post
team photo

Watch KGG TV Commercials

Client Review

"During a challenging time in my life, the Kantrowitz, Goldhamer & Graifman, P.C. team acted as my lawyers and friends. They listened to me lament about my situation. They always treated me with kindness, understanding, and, of course, the best legal advice. I appreciate the support and guidance they gave me throughout the process."
Asher M.
Client Review

Interested in filing a lawsuit? Contact us now for a consultation and more information about your legal options.