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TAX LAW NEWS - TAX LITIGATION
From the daily archives:
Under current law, age no longer matters. If the property sold was your principal residence for at least two out of the last five years, then you can exclude from tax as much as $250,000 in gain (and $500,000 on a joint return).
Your age is irrelevant, and you can take the gain exclusion every two [...]
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If you’re married, you can always file “Married Filing Separately.” That normally results in your paying more in taxes. But in some situations, it can be to your advantage.
For example, if one spouse has substantial medical or miscellaneous deductions, those deductions are subject to the 7.5% and 2% floors respectively. That is, only medical expenses [...]
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