Announcement

Collapse
No announcement yet.

Divorced Mom

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Divorced Mom

    I just got divorced. My ex-husband kept the house and gave me the out of town condo. I have the kids. I didnít want to move four hours away to the condo and disrupt the kids' lives any further, so I got a loan to buy a house in town. I am selling the condo to pay off the house. There will be a rather large capital gain on the sale since the value of the property has gone up in the last seven years. I know that if the condo was my primary resident, then I could do the tax free rollover thing, or I could say I had unforeseen circumstances and had to sell. There has to be a tax break out there somewhere to reduce my taxable gain for having to sell a non-primary residence to buy another residence. Can somebody help?

    #2
    Sorry

    You will have to pay tax on the gain. There are no rules that allow a tax deferral on the exchange of personal-use property, other than the rule that allows an exclusion of gain from the sale of a principal residence.

    Comment

    Working...
    X