Hi everyone! My girlfriend is going through a divorce. When she was with her ex, they bought a house together that was in both of their names (they lived in the house for 8 years). Two months ago, her ex signed over the house to her in lieu of paying spousal support so the house is now 100% in her name.
We are considering moving in together; she will sell her house and live with me. If she sells the house, is it considered income? Does she have to live in the house for a year before she can sell it and not be charged income tax on it? What are the rules for selling property and not having it considered income?
Thanks!
We are considering moving in together; she will sell her house and live with me. If she sells the house, is it considered income? Does she have to live in the house for a year before she can sell it and not be charged income tax on it? What are the rules for selling property and not having it considered income?
Thanks!
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