In September of 2005 I purchased a home ($100,000) with a friend. In August 2006 he moved out, quitclaimed the deed due to mental illness. Since then I have paid the home mortgage that I had refinanced in my name, quit my old job and started a new one...My fiancé and I are now going to purchase our own home and we are expecting a child! Here is my question. I have not lived in my home for the complete 2 years however it has been my main home and never investment property. I believe I can make a small profit from the sale, only because the environment has recently changed around it. I would like to avoid Capital Gains tax on the less than 20,000 I may make. Is there any way to do this considering the new home we buy will also be in my name and will be my new main residence? Thanks for your help. B.
2007-04-20
07:18:06
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4 answers
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asked by
Brandi M
1
in
Renting & Real Estate