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Divorce and gain exclusion.
Tax Adviser, The, August, 2007 by Gibson, Dan
For most couples contemplating divorce, the largest single asset at issue is their personal residence. In most situations, one spouse moves out of the residence during the separation and divorce proceedings. Tax consequences are often ignored, as the primary concern is the division of marital assets. However, focus normally returns to the tax consequences when considering the disposition of the personal residence and the after-tax effect on valuing the home for the purpose of dividing the couple's assets.
There are normally three ownership variations with respect to the former marital residence: joint ownership, transfer to one spouse, and joint ownership with only one inhabiting the house.
Both Spouses Own Home Jointly
As long as both...
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