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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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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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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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