Hi,
I have a kind of specific tax question. My wife and I lived in a home that my parents purchased as a second home 5 years ago. We have lived in the home the entire time. 18 months ago we refinanced the home and added my wife and I onto the title along with my parents. We are now selling the home because my wife got a new job out of state. Given that we have only been on title for 18 months will we have to pay cg? Do we qualify for a partial exclusion due to the new job? Do we qualify for the full 500k since we lived here as our primary residence for 5 years? Below are some details about numbers.
Original purchase price 350000
Refi amount 375000
Upgrade in 18 months 50000
Potential sale price 800000

Thanks in advance