Hello
My mom and I sold our house where we joint owners. We did make capital gain of about 300k after selling the house. My question is will I be able to avoid the capital gains taxes showing joint ownership and if yes, how do I do it? I read online married couples can avoid the capital gains tax up to 500k and single can do it for up to 250k. Will this joint ownership be applicable to the same rule? Please note: this was our primary home residence for over 10 years.
Also, I usually show my mom as a dependent because she and I lived together at this home and she had income of less than 10k a year. Will she have to file her own taxes this year?
thank you!
