Minimizing gain recognition on the sale of a residence when two homeowners marry.
The Tax Adviser › Vol. 25 Nbr. 7, July 1994
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Summary
Two homeowners planning to get married and move into one house should consider filing consent to treat the two taxpayers as one for the purposes of purchasing a subsequent residence. Such consent will help defer gain that one spouse would recognize on the sale of that spouse's property. If one spouse has unrealized losses in that spouse's house, that property should be sold first to take advantage of the losses.
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Extract
Minimizing gain recognition on the sale of a residence when two homeowners marry.
Facts
Roy and Pam are engaged to be married. Roy's tax adviser learns of the engagement during a t...See the full content of this document
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