Co-Owners sell primary residence!

[KumarB]

Is it correct that two co-owners (brother and sister) who both meet the two-year ownership and occupancy requirements can EACH claim $250,000 exclusion for sale of primary residence when filing their tax returns? I would like to confirm before proceeding with tax preparation. Thank you

[Gretel]

I believe the 500k is only available for married people.

[BP.]

two co-owners who both meet the two-year ownership and occupancy requirements can EACH claim $250,000 exclusion for sale of primary residence

Yes, from Pub 523:
"If you own your home jointly with another person who is not your spouse, you and the other person each have an exclusion limit of $250,000."

[Gretel]

Yes, from Pub 523:
"If you own your home jointly with another person who is not your spouse, you and the other person each have an exclusion limit of $250,000."

Great, I am glad you found this. I looked at 3 different sources that all only talked about married people.

[KumarB]

Thank You...