Isi Wu, The Realtor for You

Question:  My  husband died last year.  Will I be able to get the $500,000 exclusion for married couples if I sell my house?

Answer:  Under a new Federal Law for 2008, a surviving spouse may use the $500,000 exclusion as long as the house is sold within two years of the spouse’s death and he or she has not remarried.  Of course there is also the requirement for you to have lived in the house for two out of the last five years before your spouse passed away…