My question involves real estate located in the State of: AZ
My friend purchased and moved to a home in AZ. He titled the home in his and my name. (reason that he wanted home to go to me in case of his death) It would be his primary residence and I would stay as a "snowbird" for a couple months in the winter. My primary residence is in PA.
He was offered a job in PA and wants to sell house and move back to PA. He has lived in the house for 19 months. Questions: 1. Being under 2 years and being that he would accept a new job, would he be entitled to a partial exclusion on capital gains tax for that reason? 2. Being that I am also on title, would I be responsible for any of the capital gain tax?
My friend purchased and moved to a home in AZ. He titled the home in his and my name. (reason that he wanted home to go to me in case of his death) It would be his primary residence and I would stay as a "snowbird" for a couple months in the winter. My primary residence is in PA.
He was offered a job in PA and wants to sell house and move back to PA. He has lived in the house for 19 months. Questions: 1. Being under 2 years and being that he would accept a new job, would he be entitled to a partial exclusion on capital gains tax for that reason? 2. Being that I am also on title, would I be responsible for any of the capital gain tax?
Capital Gain on Jointly Owned Property
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