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#1
10-21-2004, 09:34 AM
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Capital GainNY. I am going through a divorce and need to sell my home. I bought it in 11/03 and am concerned about the capital gains tax that will be occurred on this property. At what percentage of the gains on the property will I be taxed? I also heard that there may be a break for life event changes; does the divorce have to be finalized to receive this? |
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#2
10-22-2004, 08:50 PM
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| If you wait a year & a day after buying the house to sell it, your max tax rate on the profits is 15%. Selling a home due to a divorce is generally sufficient to qualify you for a reduced exclusion, based on unforseen circumstances. You can exclude $250,000 prorated for the number of days you owned & lived in the home for the 5 years prior to sale divided by 721 days.
__________________ This post does not constitute legal advice, nor does it create an attorney-client relationship. Postings are based only on the information provided and you should consult an attorney in your area before relying on information contained in this post. |
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