A married couple sold a principle residence in 2005. The property was under Joint ownership with their parents by means of quitclaim deed. Both couples lived there for more than 2 years & received 2 Forms 1099-S.
In this case, when reporting capital gains, is each couple eligible to claim home sale gain exclusion of $250,000 for the same home for a total of $500,000?
In this case, when reporting capital gains, is each couple eligible to claim home sale gain exclusion of $250,000 for the same home for a total of $500,000?
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