How to claim full LTCG tax benefit after selling jointly owned property

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When a jointly owned property is sold, the capital gains tax benefit need not be split if one spouse funded the original purchase entirely. The key factor is establishing clear proof that the financing for the first property came solely from one individual. Adequate documentation creating a verifiable money trail is essential to support such a claim. If this evidence is in place, the new replacement property does not need to be bought in joint names to avail the full Long-Term Capital Gains exemption.

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