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Does the two year capital gains exclusion count for inherited property?
Wiki User
∙ 14y ago
Yes. If you inherited it, then you're the owner. The fact that you inherited it is only important for finding the basis (cost) when figuring the gain on its sale. There's a maximum exclusion of $250,000 for Single ($500,000 for Married Filing Jointly) of the gain on its sale.
To claim the exclusion, three conditions must be met.
One, during the five-year period before the date of sale, you owned the house for at least two years.
Two, during the five-year period before the date of sale, you lived in the house as your main home for at least two years.
Three, during the two-year period you didn't exclude gain from the sale of another home.
For more information, go to www.irs.gov/formspubs for Publication 523 (Selling Your Home) and Publication 551 (Basis of Assets).
Wiki User
∙ 14y ago
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