Sale of residence

Forum|Forum|4 years ago
September 27, 2021
4 replies
10 views

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

ProSeries Professional

This topic has been closed for replies.

dkh

Level 15

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

Just-Lisa-Now-

Intuit Community Champion

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♥¸¸.•*¨*•♫♪

T

TaxGuyBill

Level 15

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

C

ColmattAuthor

Level 5

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

Thanks

BobKamman

Level 15

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?

C

ColmattAuthor

Level 5

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

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