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Old 05-24-2016, 01:57 PM
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joint ownership

Father bought house for $250k cash of his money, put both father and daughter as co-0wner on the deed. That has been their primary residence for 17 years. They have made improvements for $50k since then. They are selling for ~$450k. Father lets daughter keep the total proceeds. What is the tax liability on the daughter. Seattle Wa



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Old 05-25-2016, 09:03 PM
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As one of the two coowners of the primary home, the daughter can exclude the whole of her portion of her LTCG of $150K as the LTCG of $150K is smaller than $250K, the exmption amt for single. each of you as single can claim $250K respectively



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