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It depends on the character of the ownership. Each one has it's own entry point.
There are several possibilites:
If you meet the qualifications to use the exclusion, any gain over that amount is a capital gain. The exclusions are $250,000 for single, and $500,000 for married filing jointly. See the rules below.
Does Your Home Sale Qualify for Maximum Exclusion
Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met.
It depends on the character of the ownership. Each one has it's own entry point.
There are several possibilites:
If you meet the qualifications to use the exclusion, any gain over that amount is a capital gain. The exclusions are $250,000 for single, and $500,000 for married filing jointly. See the rules below.
Does Your Home Sale Qualify for Maximum Exclusion
Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met.
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