TD 9030: Reduced Maximum Exclusion of Gain on sale of principal residence:multiple owners

#1 11-13-2004, 02:06 AM

- quote -

> > My cousin, my nephew and I purchased a home in June 2000
> > with an equal downpayment and equal mortgage payments.

....

- quote -

> I think you already know the obvious answer. One property,
> one $250K exclusion.

I don't THINK so. One (qualified) TAXPAYER, one $250K exclusion.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

11-12-2004, 05:19 AM

om wrote:

- quote -

> My cousin, my nephew and I purchased a home in June 2000
> with an equal downpayment and equal mortgage payments.
> However, I was the only person qualified for a mortgage and
> so the only name on the title.
> We have all lived in the home as primary residence for the
> last 4 years.
> We are selling the home now and there is over $250K in
> gains.
> My question is: can each one of us qualify for the 250K exclusion
> since we all put equal downpayments and made equal mortgage payments
> even though I am the only person on the title?
> PS
> I do have a document that we all signed that states that we
> are all equal owners.

I think you already know the obvious answer. One property,
one $250K exclusion. The facts and state law will determine
the actual owner(s). Assuming that each of you was an equal
owner (25% interest), each of you have to separately meet
the 2 year ownership and use tests to exclude up to $62,500
(25% of $250K) of gain.

--
Alan
http://taxtopics.net

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#-1 11-09-2004, 08:25 PM

My cousin, my nephew and I purchased a home in June 2000
with an equal downpayment and equal mortgage payments.

However, I was the only person qualified for a mortgage and
so the only name on the title.

We have all lived in the home as primary residence for the
last 4 years.

We are selling the home now and there is over $250K in
gains.

My question is: can each one of us qualify for the 250K exclusion
since we all put equal downpayments and made equal mortgage payments
even though I am the only person on the title?

PS
I do have a document that we all signed that states that we
are all equal owners.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

Similar Threads
Thread	Forum	Replies	Last Post
Very Specific Reduced Maximum Exclusion Question. TaxAverse: (I appreciate your help in advance!) I've searched and searched for an answer to my question, but all the examples I found seem to fall short in...	Taxes	15	08-26-2004 02:21 AM
Is repeated use of reduced maximum exclusion ok? mark: I have a question. I owned a home as a primary residence from April 2002 to August 2003. Because I was in the military and sold the home for...	Taxes	7	07-09-2004 05:00 PM
residence gain exclusion don sugarman: I had lived in a home which qualified as my main residence for 5 years, and last year I bought a new home which I'm living in. I kept the old home...	Taxes	4	02-12-2004 06:15 AM
Home gain sale-prorated exclusion Mike Lewis: A couple of years ago (or longer), I expressed a position that the "unforeseen circumstances" clause of the rules permitting partial exclusion of...	Taxes	3	12-15-2003 01:44 PM
Military Home Sale Cap Gain exclusion Bryan: Hello, Can anyone lay out the new timeline for the capital gains exclusion on home sales for members of the military? The Military Family Tax...	Taxes	1	12-12-2003 04:06 AM

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode