unmarried couple purchased a house in Sept 2003. In the meantime they have married but are now separating and prob divorcing (another long story).
House is now under contract for sale with the settlement being July 2005. Since they have not owned the house for the minimum of 2 yrs to avoid the capital gains my question is this:
Husband will be purchasing a townhouse with 1/2 proceeds from the sale.
Wife will be renting.
Even though husband is buying - will there still be capital gains tax to pay?
Is it deferred for him? for them?
thanks
RA
House is now under contract for sale with the settlement being July 2005. Since they have not owned the house for the minimum of 2 yrs to avoid the capital gains my question is this:
Husband will be purchasing a townhouse with 1/2 proceeds from the sale.
Wife will be renting.
Even though husband is buying - will there still be capital gains tax to pay?
Is it deferred for him? for them?
thanks
RA
