There has been a tremendous sea change across the United States as it relates to same sex marriage, the majority of which has taken place almost entirely within the last decade. In the past three years alone, nearly two dozen states offered their residents some form of same sex union for the first time. On July 24, 2011, New York joined the ranks and passed the Marriage Equality Act, legalizing same sex marriage. It was the seventh state to do so.
As the size of a family increases, families traditionally seek to replace the home they are outgrowing with a larger one. As time goes by and parents become empty nesters it is not uncommon for thoughts to turn to downsizing or perhaps becoming snowbirds and moving to a warmer climate.
These, as well as other life changing events, such as relocation caused by the loss of a job or a promotion, divorce, the death of a spouse, the remarriage of a widow or widower, and the obligation of a family to settle the affairs of a parent who has been confined to a nursing home, all precipitate the need to sell the family home.
The sale of the family home often results in the realization of a substantial gain. For many it is the single largest economic gain of a lifetime and should raise questions about the tax consequences.