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10 Tax Tips for Married Couples

        Money | Taxes

7
Home Sale
Married people get a big income exclusion on their taxes when they sell a house. © Feverpitched/iStockphoto
Married people get a big income exclusion on their taxes when they sell a house. © Feverpitched/iStockphoto

When it comes time to sell a home, married folks have a huge advantage over singles in the tax department. If you make money on the sale of your home, as a single person you may be able to exclude up to $250,000 from your income. Married couples filing jointly may qualify to exclude up to $500,000 from their collective income.

To qualify for the home sale exclusion, you must meet the ownership and use test, which means that you must have owned and used your house as your main home for at least two out of the five years prior to selling. The two years don't have to be consecutive -- you can use the home for a month here and there so long as it adds up to two years. So remember, if you're getting married, it might make sense to wait until you've tied the knot to sell the house.


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