Father bought house for $250k cash of his money, put both father and daughter as co-0wner on the deed. That has been their primary residence for 17 years. They have made improvements for $50k since then. They are selling for ~$450k. Father lets daughter keep the total proceeds. What is the tax liability on the daughter. Seattle Wa
As one of the two coowners of the primary home, the daughter can exclude the whole of her portion of her LTCG of $150K as the LTCG of $150K is smaller than $250K, the exmption amt for single. each of you as single can claim $250K respectively