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Why Get Married? Save Money on Your Property Sale

Live in your property for two years and be married, you can save some cash.

Well, there's another reason why you should get married, right? Own a property and plan on selling it soon, maybe wait until your married for two years.

Years ago, to avoid paying tax on the sale of a residence a homeowner had to use the sale proceeds to buy another house. In 1997, the law was changed so that up to $250,000 in sales gain ($500,000 for married joint filers) is tax free as long as the homeowner owned the property for two years and lived in it for two of the five years before the sale.

If you sell before meeting the ownership and residency requirements, you owe tax on any profit from the sale of the property. The IRS provides some tax relief if the sale is because of a change in the owner's health, employment or unforeseen circumstances. In these cases, the tax-free gain amount is prorated. Source

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