When my mother pasted away in Oct 1997. Her three children became equal owners of the home and we sold the home in May 2019. One child lived in the home the entire time as their main residence. The other two children lived elsewhere the entire time. We all three shared in the upkeep and property taxes of the home. Home valve was $75k at death and $100K at sell.
Question: Since the three children are listed as owners and one of the owners lived in the home the entire time. Can all three of the children answer "Yes" to the question we lived in the home two of the last 5 yrs and not pay taxes, since the gains was less than $250K. If the answer is no, it seems a bit strange that two children will pay capital gains on their portion of $25K and the one child will not.
