That means if you sell, you can pocket the profit (up to $250,000 for single filers, $500,000 if you're married and filing jointly) without owing capital gains taxes.
income and you file jointly, you will owe taxes on that income.
Normally, if a husband and wife file jointly, each is liable for the taxes owed, but the law grants an exception to an "innocent spouse," who can prove that he or she was the victim of a deceitful spouse and did not know of unreported income or lies on a tax return.
Technically, this does not involve its own debt but €600m owed by Sirius, an investment vehicle that it owns jointly with a Dutch company, Rebon, and six other investors.
Both my husband and I each had debts in our names, but fortunately we didn't owe anything jointly other than our mortgage.
The two have arguments over their coastal border, over an alleged debt of some $400m, going back to Yugoslav times, owed by a Slovenian bank to Croatians, and over the running of a jointly owned nuclear power plant.In praise of dullnessNot that Slovenes are looking for trouble.
On January 28th, the American and Finnish companies jointly filed a lawsuit in a New York federal court to reclaim more than $3 billion that they say they are owed by Telsim, Turkey's second-largest mobile-phone operator.
This, along with the elimination of the increased standard deduction for married taxpayers filing jointly (marriage penalty relief), can cost the average American family anywhere from $1,000 to $1,500 in additional income tax owed on your income tax return, depending on your deductions and other income.
