Context:
We purchased a property in CO under my husband and my names. It is his primary/principal residence as he is employed in CO. He has been living in the property more than 4 years and he is working full time there.
We have been filing joint on federal and 2 state taxes (NC -> for me as I am working in NC and a primary residence of NC ; CO -> for him as he is working in CO and a primary residence of CO)
In fall, he got another job in different state and moved out of CO. Then, we got the property sold. The sales price less than the purchase price of the property is less than $250,000.
Questions:
(1) Would he be qualified for the exclusion of $250,000?
(2) In CO, there is a DR1083 form called "Information with Respect to a Conveyance of a Colorado Real Property Interest" has be filled up. On the form,
Line1 is my husband and my name.
Line2 is his SSN and my SSN
Line8 is the selling price
Line9 is the same number of the selling price
(a) Should Line12c as 'Affirmation of principal residence signed' for both my husband and I?
(b) If (a) is not correct, then Should Line 12c as 'Affirmation of principal residence signed' for my husband? and a separate DR1083 form for me with same data as his DR1083 with Line12e as 'Affirmation of principal residence signed' for me?
Thank you for the advice.
