Comments on: Capital gains relief

Question: Capital gains relief

knave — Wed, 30 Mar 2005 17:00:36 -0800

TaxFilter: Do I meet the "unforeseen circumstances" requirement of the Taxpayers Relief Act for capital gains on my house?

The situation: My S.O. and I have broken up, and she's moving out. She was contributing toward the mortgage payment, which will now become a significant burden for just me. I'm the only owner, she was not co-owner, and I've lived there for 14 months. If I sell the house in the next month or two, do I get any tax break?

By: nj_subgenius

nj_subgenius — Wed, 30 Mar 2005 17:42:49 -0800

Check this out. My guess is no, but follow the bouncing ball.

By: nj_subgenius

nj_subgenius — Wed, 30 Mar 2005 17:46:36 -0800

If the house's title was in both your names and there was a significant medicall issue or the like...maybe. But the home is in your name only, and the only unforeseen circumstance is your cashflow problem. As such I believe it does not qualify.