Legal Question in Real Estate Law in Virginia

Paying of Capital Gain Taxes on the sale of a home.

I am currently divorced. I moved out of my home in Sept. 1999. My ex-husband has lived in the home with my daughter since then. We agreed he could stay in the home until she graduated high school this coming June 2003.. When he sells the home in June, will I have to pay capital gain taxes on the money???????? I read that If single and if you lived in the home for 2 of the last 5 years, there does not have to be any taxes paid, however, I think that I have been out of the house one too many years. Do you find that to be true. Thank you for your advice.


Asked on 4/01/03, 11:08 am

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Paying of Capital Gain Taxes on the sale of a home.

Your assessment appears to be correct, i.e., that you have not lived in the house the required length of time in order to qualify for the Sec. 1031 one time exclusion from capital gains.

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Answered on 4/02/03, 9:31 am


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