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Get your taxes done using TurboTax
To be eligible for the $250,000 exclusion, you must have LIVED in and OWNED the home for 2 of the past 5 years. While he meets that requirement, you wouldn't, so you wouldn't have a $250,000 exclusion.
(I am assuming he lived in the home for 2 of the last 5 years, since you state the accountant indicated he was eligible for the $250,000 exclusion)
Suggest talking to your lawyer to see whether your are responsible for any capital gains tax liability from the home sale.
‎September 7, 2023
5:09 PM