My question is: US-specific
QUESTION: My wife and I married in 2005. She owned a home and sold the home
due to our marriage after living in it for just over one year. We now live
in the home I purchased prior to our marriage. She had to sell her home
prior to the two year mark for the capital gains tax to be dismissed. Can
we use the "unforssen circumstance" in this situation? She did not plan on
selling her home until after a few years, but because of our marriage we
could not afford to pay for two mortages etc.
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david ingram replies:
She should pro-rate the number of months she owned it over 24 and multiply
it by $250,000 to calculate her tax free portion of any capital gains on the
sale.
It sounds like unforseen circumstances to me. (Of course, if there was an
announcement in the local paper a year before your marriage, you might have
a bit of a problem.)
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