Can Two Nonrelated People Each Take The $250K Exemption On The Same Property?
My friend and I want to buy or build a house together. If
we realize a total net profit of $480K after two years, both live in it for those two years, and are both on the title, can we each take the $250K exemption? Thanks.
Yes, as long as you each individually qualify for the capital gains exclusion on the sale of a primary residence, you each may take the capital gains exclusion on your respective shares of the profit.