@fege ,
generally, if the situation is that (a) at least one has met the ownership requirement, (b) only one meets the 730 days of usage ( with a look back period of five years from the date of sale closing), and (c) you have not used this gain exclusion in the last 2 years, ONLY that person that meets all the requirement can exclude up to $250,000 of capital gain from taxation. Note that if the prop. under consideration was used a income property anytime during ownership, then the allowable accumulated depreciation must be recognized as a reduction to basis and any due to this must first be considered as ordinary gain ( re-capture), the rest of the gain is capital gain and eligible for exclusion treatment.
Based on facts and circumstances , there may be other "ands", "ifs" and "buts" applicable.
Is there more I can do for you ?
