[Giatex]

I am selling my home in NYS and will have a gain within the exclusion amount of $250,000. I was the owner listed on the title even though the property was owned by myself and my mother. (I did this because I applied for the loan by myself.)

She provided the down payment and we both paid the monthly mortgage. I did not live in the home or in NY state more than 13 months of the 2 year requirement. However, she did. Can I still take the exclusion - perhaps assign the sale to her?

I did have twins at the end of 2006 and for financial reasons I need to now sell the home. If I can't take the full exclusion can I take a partial at least?

I'm hoping I can assign the sale to mom being that se did live there about 8 years now.

Do I need to provide proof that I lived there for 13 months? I did not work in NYS at the time. I was on FMLA with my babies.

Any advise will be soooo appreciated. Thanks.

[ebaines]

I think you're stuck with the capital gains, since you own the home and you do not meet the requirement of living in the home for at least 2 of the previous 5 years. The fact that your mother paid some of the mortgage is immaterial - you are the owner, not her, hence you are the seller as well.

[AtlantaTaxExpert]

Whose name was on the title? THAT is the critical issue, NOT who paid the loan.

It looks like you ARE stuck with the capital gains UNLESS you can show extenuating circumstances for moving out of the house.