Thanks for the response. Since there are four owners of the house (myself and my wife, my son and his wife make up four owners and each couple file annual IRS return as joint owner and live in the same property as joint tenancy ) do each couple get exclustion upto maximum $500000 and each couple would calculate partial exclusion amount based on $500K maximum exclusion amount after dividing the gain equally between the couple ?
Request you to kindly clarify. Thanks again for the help in advance.
Thanks
Venkatraman Gopalakrishnan
