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Section 121 and marriage
My wife co owned a house with her sister as their primary residence for 2 years before we were married. She moved out and rented it for 2 years. That house sold after we were married. Earnings were less than 250k each her and sister and so when we file jointly I believe we should owe no taxes on the house and the exclusion would 250k and not 500k since I never lived there right? If we sell the house we both own together now next year can we still claim 250k exclusion since I have never sold a home?
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‎November 1, 2021
3:18 PM