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| | California Divorce and Selling a Home Real Estate Sale Information. |
Should You Keep the Home or Sell it in a Divorce?
The Situation:
If you are going to separate from your spouse you will need to consult an attorney for how to go about this, but if one of you wants to raise the children in the house and then sell the house in California once the children are grown you may be able to do so. Even if you are not living in the house you may keep your $250,000 principal residence tax deduction if you follow the proper guidelines. Your divorce agreement or separation agreement needs a provision for the sale of the principal residence in California at a specific future date, for instance when the kids reach 18 or 21. If so, each of you can qualify for up to $250,000 in tax free principal residence sale capital gains exemptions under Internal Revenue Code 121. To qualify for this exemption the spouse living in the house needs to live in the principal residence for at least two of the five years before listing the California home for sale. Please remember that California real estate laws can change almost as much as California house values so please consult a tax advisor for full details and contact me below right away to get your California real estate property listed for sale. Please contact me below right now and let’s get started.
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 | © John-Robin Middlebrook. Last updated April 2008.
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