Capital Gains
My friend got seperated very suddenly and at that time sold their house that they had lived in for 23 and 1/2 months. They got divorce 8 months later.
Can my friend avoid paying some or all of the capital gains tax because it was such an unforseen circumstance?
Can anyone tell me the best way to go about this process?
After only 23.5 months of ownership, is there any taxable capital gain after paying the settlement costs and real estate sale commission?
If not then the question is moot. If so, then yes your friend and his former spouse can still benefit from a reduced maximum capital gains exclusion.
Thanks, NewKid,
They made about 15K each after all was said and done. Can you give me any tips on what I should do now in order to get the exclusion?