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Old 08-20-2016, 03:52 PM
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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?



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Old 08-22-2016, 05:18 AM
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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? =====>>correct; you get to exclude up to $250k of your share of the gain from the sale; you may exclude gain only if, during the 5-year period ending on the date of the sale, you owned and used the property as your principal residence for periods aggregating 2 years or more.

And then I can take the $250,000 sale of primary residence exclusion against this? ======>yes;you get to exclude up to $250k of your share of the gain from the sale


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? =======>correct



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