My brother and I (both live in CA) inherited our parent's Michigan house.
1) If we decided to keep it as vacation home for both of us and meet the 24 months (non-consecutive) of the 5 years requirement, are we qualify for the $250K exclusion (50/50 division)?
2) If yes on the exclusion, what documents do the IRS need for us to proof we've meet the 24 months requirement? We don't want the IRS to assume we've rented the house since there is no rental income on our tax return.
3) Capital Gain calculation in this scenario is =Sale price less current market value at the time of my father's death...right?
