We live in NYC (Bayside, NY) and 3 siblings jointly own a home that we are about to sell. There is no mention on the percentage of ownership on the deed. 2 of us lived in the house as primary residence for the 2 of past 5 years and 1 of us never lived here. 2 of us (ones who maintained the primary residence here) split the mortgage and property tax whereas the 3rd one didn't contribute.
My question:
How do you determine the percentage of ownership for IRS - we are trying to find out because if we split the capital gain on the sale, 3rd sibling who didn't contribute anything won't be meeting the 2year/5year requirement for $250k capital gains exemption.
Thank you.
What is the name of your state (only U.S. law)? NY State
My question:
How do you determine the percentage of ownership for IRS - we are trying to find out because if we split the capital gain on the sale, 3rd sibling who didn't contribute anything won't be meeting the 2year/5year requirement for $250k capital gains exemption.
Thank you.
What is the name of your state (only U.S. law)? NY State