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Captal Gains Deductions for a Married Couple Living Separately
Hi all, my parents have 2 primary residences, and they are looking to sell one of them. I was curious if anyone had insights on my scenario:
Parents are living apart, yet still file federal taxes as 'married', but file individual state returns. They are looking at selling their house in Michigan where my mom has resided the last 2+ years. Does this mean they would still get the full $500k tax break? Or would they only get the 250k for single person since they have been living separately?
Would love everyone's thoughts on this, Thanks!