Legal Question in Real Estate Law in California

Re: Single vs married

Depending on how your held title to your property, the taxable gains realized may be exempt as to those who hold title. However, marriage solely for the purpose of avoiding tax is not recommended in my view.

You should realize that you may also minimize tax on the sale of your home by documenting remodeling costs or home improvements, which can lead to a stepped-up basis or tax basis in the home's value. This is important to realize as you stated that your home's value is $800,000.00 and it appears that you forgot to calculate in your tax basis in calculating your gains. A higher tax basis will reduce the amount of taxable gains needed to be reported on your IRS tax return.

This is general information that I hope has been helpful to you. However, you should always obtain legal counsel familiar with your specific circumstances. If we can assist you in the future, please contact us at www.unalaw.com and somebody will assist you as soon as possible.

Re: Single vs married

You will beunable to take the married exemption of $500,000 unless your new spouse has also resided in the property as his (or her) primary residence for 2 of the last 5 years.

Furthermore, your daughter would have been required to live in the property as her primary for 2 of the past 5 years.

You should speak with a tax attorney to determine what your basis is, what your gain might be, and how to minimize that gain.