Sale of home with Tenants in common
I bought a home with my parents about 10 years ago. My parents put up all the cash to purchase, but we put all 3 names on the deed as tenants in common.
So now we're going to sell it. It seems that my basis is zero and the amount I am realizing is 1/3 of the sales price. I've lived in the home as my primary residence the whole time. My parents have not lived here.
So is my gain 1/3 of the amount realized? And then I can take the $250,000 sale of primary residence exclusion against this?
And will my parents gain be the 2/3 of the amount realized less what they put into it? And they won't get an exclusion?
Thanks in advance for any help?