DEAR BOB: Please clarify. You often mention a married couple filing a joint income tax return can claim up to $500,000 principal-residence-sale tax-free profits, thanks to Internal Revenue Code 121. But what about two unmarried co-owners of a home who each meet the 24-out-of-last-60-months ownership and occupancy tests? Both are on the title. Can each claim a $250,000 exemption or do they have to split the exemption? --Mary O. DEAR MARY: There is no limit to the number of co-owners who can claim the IRC 121 principal-residence-sale tax exemption up to $250,000 each. Theoretically, you could have three, four, five or six home sellers who each can claim up to $250,000 tax-free principal-residence sale profits if they each meet the 24-out-of-last-60-months ownership and occupancy tests in the same home. Purchase Bob Bruss reports online. The IRC 121 tests are applied individually to each co-owner so they need not have owned and occupied the residence at the same time. But e...
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