Posted on: 27th Jan, 2014 01:19 am
Hello there... My husband died in the year 2012. He was self employed. I am on disability. Will I be taxed on the equity?
If you sell off the property and earn some profit, then you will be liable for paying capital gains tax.
You will have an allowance for capital gains if you exced that the rest will be taxable - to receive this allowance you must have lived in the home for a minimum of 2 of the last 5 years. It used to be $250,000 per person but I am not up to speed on the amount for this day and age
Brian Barnes
ENG Lending
Nationwide Lender
Brian Barnes
ENG Lending
Nationwide Lender
