Hi,
My Dad and I own this house in California. He lives with my sister in Dallas, Texas and so he has a Texas drivers license. He also lives with me about 50% of time. His name is on the deed of this house in California as well as on the mortgage. He does not own any other house.
We have owned this house since June 2012 (8 years) and are now selling.
Question: How much can each person deduct on the net capital gains ? If suppose our net gain was over $1,000,000?
Thank you,
Asha
