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Two houses on property |
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Two unrelated people own a property as joint tenants with right of survivorship. Each has a separate house on the property. If the property is sold does each owner get a $250,000. captial gains forgiveness? |
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You don't say if they live in those two houses as main residences. If they do, if they've had that co-ownership and occupancy for at least two of the five years before the sale, I'd say each of them can use the homesellers exclusion from capital gains tax on their own share of profit when they sell. |
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Edith
Originally published on May 8, 2008 |
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