Sold a home with capital gain

ishig — Tue, 10 Mar 2026 06:54:37 GMT

Hello

My mom and I sold our house where we joint owners. We did make capital gain of about 300k after selling the house. My question is will I be able to avoid the capital gains taxes showing joint ownership and if yes, how do I do it? I read online married couples can avoid the capital gains tax up to 500k and single can do it for up to 250k. Will this joint ownership be applicable to the same rule? Please note: this was our primary home residence for over 10 years.

Also, I usually show my mom as a dependent because she and I lived together at this home and she had income of less than 10k a year. Will she have to file her own taxes this year?

thank you!

Re: Sold a home with capital gain

kdevere — Wed, 16 Nov 2022 20:52:43 GMT

So if you are filing a return as Single, or Head of Household with your mother as a dependent, your exclusionary gain would be 250K. Both of you would need to file returns to report the income, even though it is not a taxable gain. So you can file a return as Head of Household, and still claim your mother as a dependent, but she would need to file a return and indicate someone is claiming her as a dependent, and report the income even though it is an excludable taxable gain.

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Sold a home with capital gain

Re: Sold a home with capital gain