Hello,
My husband (US Citizen) and I (G1 visa holder) are planning to sell our property in NYC.
We would like to know about the capital gain and thus taxes involved especially for me as G1 Visa holder.
May it be more convenient to change the deed and put the property under my husband's name to void a high payment of taxes.
Thanks and regards,
Simona

Please read this and then ask if you have more questions. The $250,000/$500,000 Home Sale Tax Exclusion | Nolo.com

Joy makes a valid point.

Because your husband is a U.S. citizen, you have the option to file joint tax returns while still excluding your salary earned under the G-1 visa.

That being the case, it is likely you qualify for the $500K exclusion of capital gains on real estate sales provided you lived in the home for at least two of the last five years.

Quote:

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Originally Posted by joypulv

Please read this and then ask if you have more questions. The $250,000/$500,000 Home Sale Tax Exclusion | Nolo.com

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Many thanks for the answer.
I read the link you sent me and the last paragraph reads that as married couples we have to meet ALL the requirements listed which we do, but there is only one thing, we never filed a joint return in the past as we were told that I didn't have to file here because of my G1 visa.
We always filed separately. My husband in the US, me in Italy.
Would this be a problem to be qualified for the $500K exclusion?

Thank you,
S.

Quote:

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Originally Posted by AtlantaTaxExpert

Joy makes a valid point.

Because your husband is a U.S. citizen, you have the option to file joint tax returns while still excluding your salary earned under the G-1 visa.

That being the case, it is likely you qualify for the $500K exclusion of capital gains on real estate sales provided you lived in the home for at least two of the last five years.

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Dear Atlanta Tax Expert,

Thank you for your answer.
I just sent another question related to the link I received which you refer to, which I'm sending to you as well.

The last paragraph reads that as married couples we have to meet ALL the requirements listed which we do, but we never filed a joint return in the past as we were told that I didn't have to file here because of my G1 visa.
We always filed separated. My husband in the US, me in Italy.
Would this be a problem to be qualified for the $500K exclusion?

Thank you,
S.

Simbrial,

It will not make any difference because you can file jointly in the year you sell the property.

You may want to look at amending your husband's 2012, 2013 and 2014 tax returns to file jointly under the 6013(g) election; some significant refunds can be recovered under such amendments provided you do not have significant OTHER world-wide income.

If you need help filing such amendments, please email me at the email address in my profile.