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2008 Survivorís Home Sale Gain Exclusion

Starting January 1, 2008, surviving spouses who sell a home (which they jointly owned and occupied with their deceased spouse) may get the higher "married" home sale gain exclusion amount of $500,000 (vs. $250,000 single) for up to 2 years from the death of their spouse. Plus they continue to get a step up in basis for the deceased spouseís one-half share.

Note: However this Federal law does not apply to same-sex couples.

 

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