Q: Dealing with Capital Gains on a house less than 2 years living in
Husband and I are separating. We have lived in our house less than 2 years so we are worried about owing taxes on capital gains. Our prior home was only in my name so it was only filed on my taxes when we sold it right after we moved to this house. Could we transfer the deed to my husband and he sells it in his name only to avoid owing Capital gains on the home? We live in Ohio. We have 9 months left until we reach the 2 year mark and we agree that neither of us can live under the same roof together for that long. Neither of us can afford the house on our own so we need to sell it.
A: It is not prudent to seek tax advice on line. Contact a local tax accountant to discuss the tax issues, and use the Find a Lawyer tab to retain a local family law attorney who can review your situation and advise regarding how best to transfer property and divide marital assets.
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