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Will I be taxed on the equity?

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.
Posted on: 27th Jan, 2014 01:58 am
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
Posted on: 27th Jan, 2014 09:00 am
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