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Sale of residence

Colmatt
Level 4

Homeowner sold personal residence.  The deed had her and her two parents on it.  She was the only one who lived there for 10 years as her personal residence.  Does she still qualify for the whole exemption on the sale?

 

Thank you, Colmatt

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6 Replies 6
dkh
Level 12
Just-Lisa-Now-
Level 15
Level 15

She would qualify for the exemption on her 1/3 ownership. Mom and Dad wont qualify for any exemption on their portion of the sale.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
TaxGuyBill
Level 15

Did the parents (1) pay for any of the house, (2) use the house, or (3) receive any of the proceeds?

Colmatt
Level 4

Parents did not pay for any, did not use, and did not take any of the proceeds.  

 

Thanks

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BobKamman
Level 15

Time for another round of "I've Got A Secret."  How did the three parties take title?  Joint tenants?  Life estate and remainder? Tenants in common, with 10% to her and 90% to the parents?  Or vice versa?  How much of the sales proceeds did she receive?  If not 100%, how much did the parents get?  

Colmatt
Level 4

Lol...more than "I've got a secret"..."I have no clue" ....Will dig deeper, thanks...