Hi all,
Been a long while since I posted, hope all are well!!!!
Since last posting, have been through a divorce which has been an experience!!! Splitting propoerties was the funnest part by far!!! So now that I have a couple, I am thinking of selling one and I am trying to get my head around the marriage rollover rule..... I beleive I qualify if that is the word, but am not sure how CGT is calcualted. Is it on the amount from when I was "given" the house or on the very initial purch price??????
Situation is Purch Price $144k, at time of being "given" property val was $205k, now looking to sell at $240k. So is CGT calculated on the $144k or $205k?
Any assistance greatly appreciated!!!!
Dos
Been a long while since I posted, hope all are well!!!!
Since last posting, have been through a divorce which has been an experience!!! Splitting propoerties was the funnest part by far!!! So now that I have a couple, I am thinking of selling one and I am trying to get my head around the marriage rollover rule..... I beleive I qualify if that is the word, but am not sure how CGT is calcualted. Is it on the amount from when I was "given" the house or on the very initial purch price??????
Situation is Purch Price $144k, at time of being "given" property val was $205k, now looking to sell at $240k. So is CGT calculated on the $144k or $205k?
Any assistance greatly appreciated!!!!
Dos