Paying Capitol Gains
Hope someone can clarify capitol gains tax for me since I get conflicting reports. My ex husband and I just sold a house we owned together. We have been divorced for 3 years and just recently sold the house. In our seperation agreement I got HALF the proceeds after realtor, repairs, closing costs etc. He lives in Hawaii but has lived in the house 2 out of the past 5 years. The house was mortgage TOTALLY in his name...I only owned half by marriage. He does NOT have to pay capitol gains tax since he is active duty militiary and they are exempt this year .
Can I defer taxes for any time? What % will have have to pay in taxes. I have gotten so much information I can filter through it all. HELP!! Thank you
How have you reported the property on your income tax returns? If you have reported and treated it as investment property you should be able to do a 1031 exchange and exchange into like-kind replacement property.
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