ej401
Initiate Member
Joined: May 4, 2013 11:36:51 GMT -5
Posts: 58 
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Post by ej401 on Mar 7, 2014 16:28:58 GMT -5
Jointly owned property (JTWROS) but only one of 2 owners lives in it as his primary residence. Does capital gain 121 exclusion apply upon sale of property?
Thanks.
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Mar 7, 2014 19:32:36 GMT -5
only to the one owner.... so, the one owner is entitled to a 250K maximum exclusion, the other owner pays tax on their share of gain....
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ej401
Initiate Member
Joined: May 4, 2013 11:36:51 GMT -5
Posts: 58
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Post by ej401 on Mar 8, 2014 13:06:40 GMT -5
Thank you MW!
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