I bought a home with my parents about 10 years ago. My parents put up all the cash to purchase, but we put all 3 names on the deed as tenants in common.

So now we're going to sell it. It seems that my basis is zero and the amount I am realizing is 1/3 of the sales price. I've lived in the home as my primary residence the whole time. My parents have not lived here.

So is my gain 1/3 of the amount realized? And then I can take the $250,000 sale of primary residence exclusion against this?

And will my parents gain be the 2/3 of the amount realized less what they put into it? And they won't get an exclusion?

Thanks in advance for any help?

years ago. My parents put up all the cash to purchase, but we put all 3 names on the deed as tenants in common.

So now we're going to sell it. It seems that my basis is zero and the amount I am realizing is 1/3 of the sales price. I've lived in the home as my primary residence the whole time. My parents have not lived here.

So is my gain 1/3 of the amount realized? =====>>correct; you get to exclude up to $250k of your share of the gain from the sale; you may exclude gain only if, during the 5-year period ending on the date of the sale, you owned and used the property as your principal residence for periods aggregating 2 years or more.

And then I can take the $250,000 sale of primary residence exclusion against this? ======>yes;you get to exclude up to $250k of your share of the gain from the sale


And will my parents gain be the 2/3 of the amount realized less what they put into it? And they won't get an exclusion? =======>correct