Q: Capital gains exclusion joint ownership. Does this qualify?
I am a joint owner at 5% of my parents home and have lived in the home for 2 of last 5 years. If they now transfer to me the percentage required to own $250k and sell the property, will I qualify for the capital gains tax exclusion for the entire $250k?
A: You may qualify if you live 2 of the last 5 years in the house after receiving the up to $250,000 value. The information presented herein is for general purposes only. It is not intended for, and may not be construed as legal, tax, or accounting advice, or business solicitation. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi, Business and Tax Attorney, CPA (California).
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