Cap Gains on a joint house

UnusualTaxQs
UnusualTaxQs Member Posts: 1 Newcomer
in Live Q/A Event

My mom sold her primary home (in NV) this year. I jointly owned this house with her (from original deed, over 20 years ago), but it was her primary and not mine (I live in a different state). The capital gains was <$250k.

She obviously doesn't have to pay CG since it's her primary home. But do I?

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  • AndyS
    AndyS FreeTaxUSA Agent Posts: 14

    Hey UnusualTaxQs,

    Typically if you don't live in the home, it is considered an investment property. You would need to report your portion of the gain as a capital gain. Depending on the percentage of the home you purchased, then you would usually claim that percentage of the cost basis and proceeds on the home.

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