Sell primary home exclusion

[littlestar]

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! 

[Anonymous_]

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@littlestar wrote:

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

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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]

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