How do you report the years of ownership and principle residence on a property when there is a change in marital status? (Ie property owned prior to marriage)
How do you report the years of ownership and principle residence on a property when there is a change in marital status? (Ie property owned prior to marriage)
Example - Person A bought property, 2 years later got married. Person B assumed partial ownership as spouse but lived in the property for 2 years less than total owned time.
How do you report the years of ownership and principle residence on a property when there is a change in marital status? (Ie property owned prior to marriage)
If Person A legal gave/sold Person B part of the property, then Person A should have reported the disposition of part of the principal residence when it occurred. Then when both sold the house, they would each report the number of years they owned their portion of the home. Ex: Person A owned 50% of the house for 4 years, while Person B owned 50% of the house for 2 years.
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