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Girlfriend & I selling house. Both on deed/mortgage. Buying new home. Cap gains??

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jzlucas

Junior Member
Girlfriend & I selling house. Both on deed/mortgage. Buying new home. Cap gains??

What is the name of your state?PA
Girlfriend and I selling home of 7 yrs. Both of us are on the deed and mortgage. Building new home on land. She'll be the only one on the deed/mortgage. Will I have to pay Capital Gains??? Thanks in advance!!
 


seniorjudge

Senior Member
jzlucas said:
What is the name of your state?PA
Girlfriend and I selling home of 7 yrs. Both of us are on the deed and mortgage. Building new home on land. She'll be the only one on the deed/mortgage. Will I have to pay Capital Gains??? Thanks in advance!!
Yes, you will have to pay taxes on your capital gains.

But I am not a tax expert so post this is the tax forum and also check with a tax CPA or a tax lawyer BEFORE y'all do anything.

There may be ways to save you money on your taxes.
 

HomeGuru

Senior Member
jzlucas said:
Thank you for replying quicker than my lawyer and the IRS. I greatly appreciate it! JZ

**A: we're always quicker than the lawyers and the IRS. And we're much quicker than an IRS lawyer.
 

PghREA

Senior Member
Go to the IRS website and read up on the sale of a personal residence. There are many factors that determine if you will be subject to Capital Gains.
Then collect the data that pertains to the sale of your home and contact a CPA to find out how the Capital Gains Tax pertains to you.
 

HomeGuru

Senior Member
seniorjudge said:
I will have nightmares for weeks....

**A: why, did they not recently promise to be a kinder, gentler IRS?
Now they are saying please before taking all your money.
 
If everything is as you have posted I see no reason there would be capital gain for either of you unless you exceed the amount of gain that can be excluded. 250K of gain each is excludable since you have lived in the home the for 7 years.

My answer is based only on the given info.

However you put a big RED flag in that question. Why only her name on the deed? Very dumb idea if you are putting ANY funds into the new home! Your name can be on the deed and not the mortgage to protect your interests. Otherwise see and Atty immediately and get a signed legal agreement as to what happens if the relationship ends.
 

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