Widows & Widowers Support Group
This community is dedicated to those who have lost a husband, wife, or partner. Anything is open for discussion here, with the hope that we can focus on grief, bereavement, life after loss, and continuing on after a great loss.
Well, I got my taxes done today. Last year we were sitting together in front of the preparer. Today, I kept looking at the empty chair beside me or staring out the window as the preparer worked on the paperwork. It took longer than I expected. I was so glad when it was over. I told her what had happened and she shared that she knew how I felt. She lost her husband six years ago and is still healing. She told me that she is praying for me.
Maggie
I got my house county and city taxes paid today!!!...good for another year....
Sandee
This makes me very sad.
Bob, I didnt know that I could claim the spouse for another year.
Although Bob says capital gain taxes are exempt for 2 yrs after the death, I was under the impression there are no capital gains (for selling the house) under $250,000. So it doesnt matter how many years you wait to sell the house.
I just had my taxes done today, with a preparer. Last year (my 1st yr without hubby) the fee was $50. This year it was $100. There was less paper work and all he had to do was plug in the numbers. I dont understand why he charged me so much more.
Next year, I might try doing it on my own. I must admit it is nice when someone else does it. In a matter of 15 mins, all the taxes are filed. One less stressor.
Vern
LostAndFeelingAlone is correct, but there is also an exemption for a widow/widower
This is from H&R Block from the tax program:
Excluding Gain from Your Home Sale
You can exclude all of the gain from your sale of your home if:
This is your main home.
You (and your spouse, if married and filing a joint return) lived in this home at least 2 of the last 5 years.
You (or your spouse, if married and filing a joint return) owned this home for 2 of the last 5 years.
Your gain is less than $250,000 (or $500,000 for married filing jointly).
You haven't deducted home office or rental expenses since May 7, 1997.
You haven't written off another home-sale profit in the past two years (the two years prior to the day you sold this home).
If you're sure you meet all of these conditions, you can skip this topic. Your gain is not taxable, and you don't need to report the sale to the IRS.
If you don't meet all these conditions, or you need help calculating your gain, go through this topic. We'll determine your gain and the amount you can exclude from your income.
New rule for widow(er)s: You can exclude a maximum of $500,000 if all of these are true:
Your spouse passed away 2 years or less before the sale.
You didn't remarry before the sale.
You and your spouse would've been able to exclude $500,000 of gain had you sold the house on the date of death.
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So I am not saying to go out and sell your home, just that you might want to know about this rule.
Bob
Like you, Bob, I checked the single box just to see what next year holds and was dismayed.
Jackie