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Deductions & credits
Thanks for your reply. I misstated my question. My FIL, does currently own 1% of the property. He has lived in it for the five years, and has not paid any rent. I have rented out the other 2/3 of the home and claimed it on my taxes as rental property. If I were to do the quitclaim deed now, giving him 100% ownership, would the clock start over for him to exclude the gain or would his time in the property, albeit at only 1% ownership share, allow him to qualify for the full exemption? The property will have approximately a 150k gain from sale.
‎January 13, 2021
8:03 AM