Primary Residence Home Sale Capital Gain Exclusion

[jlcl]

What is the name of your state? California

If I'm planning to purchase half of my parents' house (which qualify for primary residence) at fair market value, would the home sale capital gain exclusion amount be $250,000 (since it's half the property) or be the full $500,000? Please advise. Thank you.

 

[Snipes5]

If the exclusion is allowed, it would be $500,000 for a married couple. The exclusion amount has nothing to do with the size of the property.

I'm uncertain as to whether an exclusion can be claimed when selling half a primary residence, unless the property can be legally divided, or is a duplex or something.

I would see a tax pro for this one, especially since you're in California. If you do it wrong, the FTB will go after them.

Snipes