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by CareyBot

DEAR BOB: We are two single women who have owned our home together and are thinking of selling. Each of us meet the two-out-of-last-five-years ownership and occupancy tests of Internal Revenue Code 121, which you often discuss. When we sell our home, can we each claim up to $250,000 tax-free profits (up to $500,000 total), or do we only get one $250,000 tax exemption? – Amy S. DEAR AMY: Uncle Sam likes you so much he gives each qualified single co-owner up to $250,000 tax-free principal residence sale profits. In fact, if there were three or four co-owners who each met the ownership and occupancy tests, up to $1 million total principal residence sale profits could be tax-free. Purchase Bob Bruss reports online. You each qualify because you are both on the title (unlike a married coup...