Capital Gains

I’ve lived at the present address for 15 yrs. However, the resistance was not in my name, was in my finance’s name. We are no longer together and transferred the home into my name for a $1.00. It is worth around $350,000.00 and I would like to sell and move. Will I be paying capital gains if I sell within 2 yrs or less!

posted

why did she "give" you a house worth $350K for only $1? This is important for determining your basis and your basis determines what portion of the sales price might be taxable

post back in this thread

you meet the occupancy test. As to the 2 year ownership test, that depends on your answer to my question.