Basically, what is said at community/MountingWindowsPartitions about manual configuration through /etc/fstab also applies here with the obvious change that your mount point should be /home in this case.
While it certainly possible I wouldn't recommend it, especially, if you're multi-booting different Linux distributions like Fedora and Ubuntu because some settings could conflict with each other. Better create an extra partition where you could share data for several distributions. You can symlink the whole, or only certain subfolders of it from respective /home directories if you want. E.g. on my system (Dual-boot Debian/CentOS) XDG user directories in respective Debian and CentOS home folders are actually symlinks into separate partition mounted under /.share:
Originally Posted by StevieCretin
Obviously, I also took care of my user in both system having the same UID/GID.
$ ls -l|grep -e '->'
lrwxrwxrwx. 1 sero sero 16 Aug 30 2012 bin -> /.share/sero/bin
lrwxrwxrwx. 1 sero sero 16 Sep 19 15:49 cfg -> /.share/sero/cfg
lrwxrwxrwx. 1 sero sero 22 Aug 31 2012 Documents -> /.share/sero/Documents
lrwxrwxrwx. 1 sero sero 22 Aug 31 2012 Downloads -> /.share/sero/Downloads
lrwxrwxrwx. 1 sero sero 17 Sep 19 15:41 mail -> /.share/sero/mail
lrwxrwxrwx. 1 sero sero 17 Sep 19 15:42 misc -> /.share/sero/misc
lrwxrwxrwx. 1 sero sero 18 Aug 30 2012 Music -> /.share/sero/Music
lrwxrwxrwx. 1 sero sero 21 Aug 30 2012 Pictures -> /.share/sero/Pictures
lrwxrwxrwx. 1 sero sero 19 Aug 30 2012 Public -> /.share/sero/Public
lrwxrwxrwx. 1 sero sero 16 Sep 20 2011 src -> /.share/sero/src
lrwxrwxrwx. 1 sero sero 22 Aug 30 2012 Templates -> /.share/sero/Templates
lrwxrwxrwx. 1 sero sero 19 Aug 30 2012 Videos -> /.share/sero/Videos
Instead of symlinking them, you can specify the actual location of XDG user directories in ~/.config/user-dirs.dirs