topic My sister and I jointly own a home.What are the tax implications of selling a home? We've owned the home for 15 yrs. Does the capital gains exemption apply to both of us? in Deductions & credits

My sister and I jointly own a home.What are the tax implications of selling a home? We've owned the home for 15 yrs. Does the capital gains exemption apply to both of us?

rlitvine — Sat, 01 Jun 2019 20:48:27 GMT

Who has actually lived In the home? Was it used in busine...

Opus 17 — Sat, 01 Jun 2019 20:48:28 GMT

Who has actually lived In the home? Was it used in business (home office) or as a rental?

Yes, the capital gains exemption apply to both of you. I...

Hal_Al — Sat, 01 Jun 2019 20:48:30 GMT

Yes, the capital gains exemption apply to both of you.

If you both owned and lived in the home, as your principal residence, for, at least, two out of the five years prior to the sale, you can both exclude (up to) $250,000 of capital gain, under the home sale rules.