Where Do Spouses Separately Sell Houses in the Year They Get?
To summarize, married couples have the right to opt for separate residency status. This can lead to large tax savings if carried out in compliance with California residency tax laws. But the road to separate residency is a minefield.
Which is better filing jointly or filing separately?
If you were legally married at the end of 2018 your filing choices are married filing jointly or married filing separately. Married Filing Jointly is usually better, even if one spouse had little or no income.
Can a couple sell two houses to buy one?
When a couple is in the beginning stages of selling two houses to buy one, they often attach themselves initially to the wrong game plan. The game plan is usually to buy a home, followed by selling the other two houses. That plan makes logical sense but it is not the way that selling two houses to buy one home works out for most of us.
Do you have to sell your home before getting married?
Right now, each property is considered their respective principal residence and not subject to tax if sold. Does the status change once they get married, since they would then then own two residences? Do they have to sell one of the homes before getting married to avoid capital gains tax?
