Principal residence designation worksheet: what does it mean....If yes, are you electing out of the automatic rollover on disposition of capital property to a spouse?
I have designated 1/2 of the disposition to my spouse. Then this question comes up wants a yes or no.
What exactly does it mean automatic rollover on disposition of capital property to a spouse?
Principal residence designation worksheet: what does it mean....If yes, are you electing out of the automatic rollover on disposition of capital property to a spouse?
Income Tax rules allow for an automatic rollover of
capital property to a spouse for tax purposes when a taxpayer dies. This is
often done to make use of a deceased taxpayer’s capital gains exemption.
So, if your spouse is still alive then the
question doesn’t really matter much.
Principal residence designation worksheet: what does it mean....If yes, are you electing out of the automatic rollover on disposition of capital property to a spouse?
We still have to answer the question. "Doesn't matter much" I am sure is true but if our spouse is still alive are we to answer the question "are you electing out of the automatic rollover....." we need to say YES or NO?
Principal residence designation worksheet: what does it mean....If yes, are you electing out of the automatic rollover on disposition of capital property to a spouse?
@djenks5 Unless you are going to make the election, then leave it at NO. If neither you or your spouse is deceased, then there is no point in making the election, because there will be no automatic roll over.
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