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Am I subject to Capital gains tax if I sell before living in the house for two years?

Posted on: 24th Jan, 2009 06:40 am
am i subject to capital gains tax if i sell before living in the house for two years?...i live in va. my husband signed a quit claim deed in the presence of a notary, and i filed the paper with the county. he was removed from the title on the house. now a year has passed and he wants to divorce. i need to refinance in order to remove his name from the mortgage contract. he also wants me to sell the house within a year and give him 50 percent of any profit from the sale. must i submit to his request, and if so, will i be subject to capital gains, since i'm refinanced with another financial institution?
Hi kkellum

In my opinion, you will have to pay capital gains tax if you sell off the property before living in the house for two years. In order to save the capital gains tax, you can stay in the proeprty for two years and then sell off the property. You can negotiate with your husband regarding this.

Thanks.
Posted on: 24th Jan, 2009 08:26 am
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