rjs
Level 15
Level 15

Investors & landlords

Since your name is on the title, you are a part owner of the home, but it is not your own principal residence. Therefore, I don't see any way for you to avoid having a taxable gain from the sale.


Fortunately, it is a long-term gain, so it will be taxed at a lower rate than ordinary income. If your total income (including your share of the gain on the home) is low enough, part or all of your gain might even fall into the 0% tax bracket for long-term gain.

 

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