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Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks, Master Tax Advisor, Enrolled Agent
Category: Tax
Satisfied Customers: 1257
Experience:  I am a Master Tax Advisor and Enrolled Agent. I have 40 years experience. Trucking specialist.
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Capital Gains

Customer Question

Capital Gains: I would like to buy my friend out of a house that we bought together and lived in for the last 18 months. If I buy her out will she still have to pay capital gains since I will still be living in the house? Or is there a way for her not to besides waiting the full two years.
Submitted: 11 years ago.
Category: Tax
Expert:  Sandi Hargrove, SkyHawks replied 11 years ago.

She may be eligible to exclude up to 250000 of the capital gain if she was one of the owners and lived in the home as her primary residence for 2 years of the 5 year period prior to the sale.


She may be eligible to exclude part of the 250000 if the sale is due to a move by her for job reasons, health reasons or due to unforseen circumstances. (Capital gain divided by 24 multiplied by the number of months she owne/lived there as her primary residence)


The fact that you will continue to reside in the home will not be a factor

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