How can I find out if my father (deceased) has already taken the one-time IRS exemption for home sale or if my mother can take it, please?

Asked by Anita, Marietta, GA Sun Apr 22, 2012

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Jerome Smith’s answer
Jerome Smith, Agent, Marietta, GA
Sun Apr 22, 2012
it should say it on the tax bill. or go online to Cobb County Tax website and see.
Also depending on her age she may not have to be paying school tax. I tihnk the age is 65. Not sure but that sohlud be on the website as well

Hope this help
Email with any qestions or if I can help
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Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Mon Apr 23, 2012
Hi Anita,
You would need to contact their CPA or possibly the IRS for any assistance.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
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Prospect Mortgage offers a full selection of mortgage programs including:
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Jen and Mark…, Agent, Holmes Beach, FL
Sun Apr 22, 2012
The capital gains tax exemption for the sale of a primary residence can be used every 2 years. The basic rule is that it must have been a primary residence for 2 of the past 5 years. The capital gains exemption is $250K for a single person or $500K for a married couple filing jointly. The $250K and $500K exemption is profit, not the sale price of the house. If your dad has used it on the sale of a house in the past 2 years, your mom would not be eligible for the full amount.

Please feel free to contact me directly with any questions.

Jen Bowman, Broker Associate
Keller Williams Realty Cityside

p.s. This is not to be considered legal or tax advice, just speaking from experience. :)
0 votes
Gary Kaupman, , Ellijay, GA
Sun Apr 22, 2012

The one-time tax exemption is pretty much a thing of the past, though when it comes to matters involving taxes, the only person who you should fully rely on to evaluate any one particular situation is a Licensed CPA or Enrolled Agent.

That said, I've posted a link below that goes into some detail about capital gains on homes that you may want to take a look at.

Good luck,

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