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Sold a home in 2006. Moved into our newly build house. A ...

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Sold a home in 2006...
Sold a home in 2006. Moved into our newly build house. A year and a half later, may have to sell do to a divorce. Will we have to pay any taxes on any capital gains we make? Is there a 2 year live in rule?
Submitted: 9 years ago.Category: Tax
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2/1/2008
Tax Professional: RD, Certified Public Accountant (CPA) replied 9 years ago
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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If you are selling due to divorce, you may be able to claim relief under unforseen circumstances and will qualify for exclusion of some gains from the sale.

 

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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Category: Tax
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