$500K Capital Gain Exemption on House Sale Explained

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.