Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated about 8 years ago,
Home Sale Tax Exclusion on a property with multiple owners
Hello,
If I own 25% of a house that has $1,500,000 capital gains (i.e. bought for $500,000, sold for $1,500,000, my portion of the gains is $375,000), how does the home sale tax exclusion work? Does the $500,000 exclusion only apply to the family that is currently residing on the property, or is it shared amongst all owners?