Calling income tax gurus?

lia_b
Thu, 28 Apr 2016 12:46:31 +0000

I finally got to speak to my accountant so I thought I would share in case any else has a similar situation. NY always wants their taxes so I would need to withhold to cover my NYS taxes.

With regards to the home sale exclusion. One has use the home two out of the past five years. It does not matter the order but it has to be two years. If one spouse does not use the home two out of the past five years, then the exclusion is calculated separately as if they were not married. I translate that to mean that one spouse will not get the exclusion and the 500K is reduced to 250K. Something to think about.

I attach the link below.