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Get a complete understanding of the capital gains tax and divorce complexities to protect this generous tax break flush.
One of the most significant tax breaks for married couples is the$500,000 capital gains tax exemption on the sale of your individual home, which is double the limitation of what unshared filers can leave out. Typically speaking, the capital gains tax is the tax enforced on the sale of a capital financial investment. The capital gains tax break comes with a couple conditions. If you offered your home in 2017, and likewise remained lawfully wed to your partner throughout the whole calendar year through December 31, 2017, you can fixed claim the $500,000 capital gains tax exemption on your 2018 tax return.