House Selling Tax Dilemma
Any guidance or help on this would be appreciated.
I have a tax delemma with selling two houses and not wanting to pay capital gains. House one is my house that I have owned for over 14 years. House two is the house that my fiance has lived in for about that same length of time. The problem is that she never had any ownership in it during that period of time because it was owned by the mother of her ex who she lived with but was not married to. As part of their splitting up (they have two kids together) They had a contract which allowed her to buy him out for essentially what was paid for the house in the beginning. This is where I come in. I bought him out last January. Both of our houses are worth subtantially more than what I paid for them.
The next problem is that my house is too small for all of us but in a reasonably nice area. Her(our) house is bigger and a potentially much nicer house (Victorian stained glass etc) but the next street over is nearly intolerable for me to live next to due to the fact the people there are by and large uncivilized particularly with respect to how they manage their dogs (incessant barking etc).
The ideal solution would be to sell both houses now but as I see it that I can't do that without incurring capital gains expenses on one of them. I afraid that two more years here in her house will put me into a state of irritrevable depression.
Quite honesty I would be happy here (at her house (it does have a nice brick three car garage)) if there were some way to control the nieghbors managing of their dogs. But when you are dealing with low class people that that seems highly unlikely.
Is there a legal path out?
Last edited by MBlovr; 05-26-2007 at 05:30 PM.
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