Legal Question in Real Estate Law in Virginia

We are married and own (no mortgage) a home in Virginia. If one of us presents a gift of deed or quitclaim deed to give ownership of the home to only one of us. When we sell the home can we still claim the Capital Gains Tax exemption for personal property of $500K or does it hold the lower $250K exemption since the grantee is only one person?

Asked on 8/27/15, 4:21 am

1 Answer from Attorneys

Bradley Ratliff The Ratliff Law Firm

This is more of a question for your CPA; however, it would appear that the lower $250,000.00 would apply. Good luck...BR

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Answered on 8/27/15, 12:38 pm

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