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I'd appreciate some advice on how, from a tax standpoint, to handle the sale of my mother's co-op apartment, which she will no longer be using because she is now living in a nursing home.

About 8 or 9 years ago, she added my sister and I to her co-op stock certificate, so that we are each one-third owners. It appears that as joint owners who aren't married to each other, she can exclude her share of the gain on the sale. But because my sister and I don't meet the use test, we would have to pay tax on our shares of the gain.

Are my sister and I allowed to sell our shares of the apartment back to my mother before it goes on the market, so that she can exclude the entire gain (much less than $250,000) from tax?
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