My husband and I purchased our home about five years ago. Because of a previous bankruptcy filing, my husband had a poor credit rating and so we decided to keep him off of title – a quick deed was signed at the title company. By keeping the house in my name only we were able to secure a much better loan product. We are now selling the house and I am wondering if we will be able to capitalize on the $500,000 tax exemption for married couples in the State of California or if we will only be eligible for half that amount since my spouses name does not appear on title. As reference, this has been the primary residence for both of us and we do file joint tax returns.
Thanks for the help.
Thanks for the help.
