If a mother and daughter own a principle residence house in the form of " joint tenancy with right of survivorship," and decide to sell the house, will both of them be able to claim the capital gain exclusion of $250k for a total of $500k?
I've seen clause that allows $500k exclusion for a couple married filing jointly, but what if it's a mother and daughter?
Can mother and daughter each get the $250k exclusion?
Thanks.
You each get the $250k if each of you qualifies ($250k each).
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