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jandjford
New Member

Selling duplex for profit that my ex-husband a owned since 2003. We divorced in 2016 and he quitclaim deed the property to me. I have live in for 4 year will I have taxes

 
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Accepted Solutions
Hal_Al
Level 15

Selling duplex for profit that my ex-husband a owned since 2003. We divorced in 2016 and he quitclaim deed the property to me. I have live in for 4 year will I have taxes

Yes.

 The gain on the sale of a primary residence is usually excludable  from income (up to $250,000). But, since the property was used for “non qualified use" prior to it being your residence, after 2008 (when  the tax law changed), you only get to exclude a prorated share of the gain. If the property was rented out, Depreciation recapture will also be taxed. His cost basis and accumulated depreciation transferred to you with the quit claim deed. 

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1 Reply
Hal_Al
Level 15

Selling duplex for profit that my ex-husband a owned since 2003. We divorced in 2016 and he quitclaim deed the property to me. I have live in for 4 year will I have taxes

Yes.

 The gain on the sale of a primary residence is usually excludable  from income (up to $250,000). But, since the property was used for “non qualified use" prior to it being your residence, after 2008 (when  the tax law changed), you only get to exclude a prorated share of the gain. If the property was rented out, Depreciation recapture will also be taxed. His cost basis and accumulated depreciation transferred to you with the quit claim deed. 

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