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littlestar
New Member

Sell primary home exclusion

Hello,

 

There are 3 owners and all are living at the home as our primary residence since purchase date in 2018. The house is bought as joint tenants. Do we each get $250K exclusion on the gain or is there a maximum exclusion amount?

 

Thank you! 

2 Replies
tagteam
Level 15

Sell primary home exclusion


@littlestar wrote:

Do we each get $250K exclusion on the gain or is there a maximum exclusion amount?


If you each meet the ownership and use requirements, then you each qualify for the maximum ($250,000) exclusion.

 

See https://www.irs.gov/publications/p523#en_US_2020_publink10008938

Critter-3
Level 15

Sell primary home exclusion

Make sure the closing company issues 3 separate 1099-S forms if needed and not just one.  

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