How to Deduct Money for the Sale of Your Home for Your Husband Who's Passed

A lot of emails we get are from adult kids that are now in that position to take care of their parents or their single parent. Each one of us gets a $250,000 exemption when we go to sell it. So if the house is worth $500,000 upon Katie's death, I keep my cost basis which would be half what we bought it at. If real estate skyrocketed, I'd be able to sell that house within two years a year of death for $762,000 and not pay any tax on it.