My mother and I bought a house for $200k in 2012. I lived in the house by myself until 2018 when my mother got sick and she moved in with me. Also in 2018, I ran into some financial troubles and quit claimed my portion of the house to her. In 2022, we filed another quit claim to give me back my portion of the house. Now that 2 years have passed and we have both resided in the house as our main residence while both owning the house.. if we were to sell the house (for maybe about $700k), would we each be able to claim $250k principal residence exclusion on the capital gains tax?
