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Updated over 1 year ago on .
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Capital gains with two co-signers
I'm hoping this question belongs here.
My family bought a condo a long while back. I'm looking to sell, looking at a possible $330k in gains. The loan/deed has myself and my mom on it.
We won't be filing a joint return, obviously, so can the capital gain be split between us, each reporting $165k on our taxes and avoiding the $250k limit for capital gains taxes?
And if that is the case, I assume each one of us would be taxed on that $165k at the normal income tax rate, subject to gross income, deductions, etc?
And if the above is the case, I suppose it would still be better to try to 1031 it?
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- Real Estate Professional
- West Palm Beach, FL
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Quote from @Dario Miles:
I should add that it's been my primary and only residence for longer than 5 years. My mom moved out over 5 years ago.