Hello,
I co-own my primary home with my mother. I lived in the home the last 3 years by myslef and now looking to sell. I was wondering when reporting the sale, can I claim the entire profit from the sale?
I am able to utilize the $250K exception by doing that. However, my mother will be selling her primary home next year and by letting me claim all of the profits, she can utilize the exception for her own primary home.
If not, is it best for my mother to gift her portion of the home to me before the sell?
Thank you in advanced for the help
