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Deductions & credits
My son and his fiance’ purchased a condo on for $192,500 on 9/15/2019 and sold it on 8/27/2021 for $230,000. The deed and mortgage is listed in both names even though my son makes all mortgage and property tax payments. So I have 2 questions. Because they lived there for 23 of 24 months and didn’t meet the 2 year requirement, can they still be excluded from the gain on the sale of the property or Would he have to pay a pro rated amount (23/24= 4%)?
He received 1099-s in only his name, for $115,000, 50% of the sale proceeds so when entering the cost of the condo when they purchased it should I only enter 50% of that amount ($192,500/2 = $96,250)?
February 19, 2022
10:43 AM