My brother and I bought a house together because I could not qualify for a mortgage loan. The mortgage is in just my brothers name, but both our names are on the title. The home is my primary home and my brother lives in another city/state. I make the full mortgage payment directly to the bank. I have lived here 18 months but need to sell due to relocating for my employment. I am moving 2200 miles away. From what my research has shown me is that I qualify for a pro-rated exemption 18/24 months that I've lived here, which will cover the total gain from the sale. Since my brother and I are 50/50 owners of the home, does he also qualify for the exemption of his portion of the gain since I have to sell due to the job relocation or will he have to pay cap gain taxes on his portion? I cannot find any information that discusses our specific situation. Any insight would be helpful.
