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Selling a Primary Residence when your Parent is on Title
Three years ago my wife's father bought her a townhome for 250k cash. They are both listed on title of the property and my wife has been using it and paying primary residence taxes on it. I got a new job out of state and the property has appreciated to 350k and we are looking to sell and move. Her father is on board with the sale and even generously offered to give us a portion of whatever the net sale is. My question is when we sale are we able to get the primary residence exclusion and not have to pay taxes on the 85k profit (100k gross-selling costs)? OR since there is no ownership interest specifically shown on the title would her dad be liable for taxes on half of the profits? Any insight is appreciated.