Us citizen selling selling their home with CDN spouse

[MIKE2000Z28]

Just an update to this situation. If I go over the 250k usd exemption is there a way to transfer my 50 percent to my wife without incurring a tax hit? I see the IRS gift tax is 185k for the year 2024 for non usa spouses indexed, but that would technically include the 250k usd exemption plus the 185k or whatever it is in year i would transfer? Since im thinking the transfer for US tax purposes would be a selling event plus adding in the gift tax for non us spouse would cover 435k usd as a total exemption.

I don't mind paying thousands to get it right if it saves me tens of thousands in the end.

[sara34]

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