Colmatt
Level 5
‎09-27-2021 04:18 PM

Homeowner sold personal residence.  The deed had her and her two parents on it.  She was the only one who lived there for 10 years as her personal residence.  Does she still qualify for the whole exemption on the sale?

 

Thank you, Colmatt

0 Cheers
dkh
Level 15
‎09-27-2021 04:28 PM

see if this helps   How to report the sale of a home for a co-signer, ... - Intuit Accountants Community

Just-Lisa-Now-
Level 15
Level 15
‎09-27-2021 04:32 PM

She would qualify for the exemption on her 1/3 ownership. Mom and Dad wont qualify for any exemption on their portion of the sale.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
TaxGuyBill
Level 15
‎09-27-2021 06:57 PM

Did the parents (1) pay for any of the house, (2) use the house, or (3) receive any of the proceeds?

BobKamman
Level 15
‎09-27-2021 07:06 PM

Time for another round of "I've Got A Secret."  How did the three parties take title?  Joint tenants?  Life estate and remainder? Tenants in common, with 10% to her and 90% to the parents?  Or vice versa?  How much of the sales proceeds did she receive?  If not 100%, how much did the parents get?  

Colmatt
Level 5
‎10-03-2021 03:28 PM

Parents did not pay for any, did not use, and did not take any of the proceeds.  

 

Thanks

0 Cheers
Colmatt
Level 5
‎10-03-2021 03:30 PM

Lol...more than "I've got a secret"..."I have no clue" ....Will dig deeper, thanks...