@Hello786 wrote:
Can we each claim the $250k or $500k exemption if we leave everything as is?
$500k if married filing jointly.
@Hello786 wrote:
If we decide to do a quitclaim and give all interest in the property to me will this affect my ability to claim the exemption because the share of the property from my siblings was only held for less than 2 years?
Yes, for the exact reason you stated above. You would only be able to apply the exemption to the share you owned for two (or more) years.
