Capital gains relief
March 30, 2005 5:00 PM Subscribe
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?
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?
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.
posted by nj_subgenius at 5:46 PM on March 30, 2005
posted by nj_subgenius at 5:46 PM on March 30, 2005
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posted by nj_subgenius at 5:42 PM on March 30, 2005