Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
In Sunday's Union-Tribune I came across an interesting article. A home can have multiple homeowners as long as they are on the title. Further, if they meet the rules of occupancy, each homeowner would be allowed the $250K tax exclusion when the home is sold.

WOW!!

So let me get this straight. If my son or daughter get jobs in San Diego, and wifey and I put them on the title to this house, and they live here for two years, then if we sold the house (for say a profit of $1M), each kid (and wifey and I) would get a $250K tax deduction. So we'd all get $250K tax free! This may be the only way my kids can afford to live in San Diego.

I'm asking this board's experts if this is indeed true? Do we to roll the money into another house?

A bit stunned,
Dave
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement