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Can surviving spouse take deceased spouse's capital gain exemption of 250000 on sale of home?
Yes, a surviving spouse can take advantage of the deceased spouse's capital gains exemption of up to $250,000 when selling a home, provided that the home was jointly owned and the sale occurs within two years of the spouse's death. This allows the surviving spouse to potentially exclude up to $500,000 in capital gains if they meet the ownership and use tests. However, it's essential to consult a tax professional for specific circumstances and to ensure compliance with IRS guidelines.
What else can I help you with?
Can the surviving spouse's wages be garnished for the deceased spouses medical bills?
No - the surviving spouse is not liable for the deceased person's bills !
Is the surviving spouse responsible for a deceased spouses medical bills in MN?
Only if they signed a contract or agreement to accept the responsibility. If not, the deceased's ESTATE becomes responsible for any debts.
Is a surviving spouse responsible for a deceased spouses medical bills in Iowa?
The estate is responsible for all the debts of the deceased. Indirectly the spouse will have to pay them off from the estate before she can inherit.
Is a surviving spouse responsible for a deceased spouses medical bills in the state of Georgia?
YES, if you die, then the next of kin is responsible for your debt.
Is a surviving spouse responsible for the deceased spouses loan in Georgia?
no if they die the money they are owed will be taken out there bank account the remaning will be given out according to there will
Is the surviving spouse responsible for a deceased spouses medical bills in state of Alabama?
In every state, the estate is responsible for the debts of the deceased. Only after they are resolved can the estate be closed any remainder distributed.
What is the GM legacy program?
The GM Family Legacy Program provides eligible children of certain deceased GM retirees and surviving spouses the opportunity to continue.
What are Colorado laws on surviving spouse and property?
Surviving spouses in Colorado are entitled to property that was shared with the deceased partner, even if no will explicitly says so. The survivor also has the ability to be named as the personal representative of the estate.
What happens to the s.s when a person dies?
IF by S.S. you are referring to social security the payments stop when the person is deceased. Surviving children and spouses are entitled to payments depending on the age and circumstances
Can you file bankruptcy on your deceased spouses debts?
No.
Is a surviving spouse responsible for deceased spouses bills in Missouri?
As in all states, Missouri requires the estate to be responsible for all the debts of the deceased. That means before the estate can be settled, all debts have to be cleared. If there is not enough in the estate to cover them, there are some people who will not get paid.
Are spouses responsible for a deceased husbands bank loan with several co-signers?
Are spouses responsible for a deceased husbands commercial bank loan with several co-signers?
