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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
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Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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Girlfriend owns a house, currently lives with me in my

Customer Question

Girlfriend owns a house, currently lives with me in my house. She wants to sell her house, will she be liable for Capital Gains Tax. She only has 1 property, however lives with me. Her house is currently let out.
Submitted: 3 months ago.
Category: Finance
Expert:  Rakhi Vasavada replied 3 months ago.

Dear Friend,

Hello and welcome. To qualify for capital gains exclusion, you girlfriend need to qualify certain eligibility.

Now, as of now, she may be staying with you but one of the requirement to qualify for capital gains exclusion is that if she has stayed in the home that she is selling as her residence for at least 24 of the months she owned the home during the 5 years leading up to the date of sale, she meets the residence requirement. The 24 months of residence can fall anywhere within the 5-year period. It doesn't even have to be a single block of time. All you need is a total of 24 months (730 days) of residence during the 5-year period.

So, she is staying with you currently will NOT be a problem if she has stayed at least 24 months in past at that place.

You may read more about the overall eligibility at :

https://www.irs.gov/publications/p523/ar02.html#en_US_2015_publink10008937

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,

Customer: replied 3 months ago.
Thank you for your answer, however I am very concerned that you have NOT answered the questions correctly - we live in the UK and you have sent me a link for the IRS (USA)!In view of this, the question has not been answered and please either confirm your answer with regards ***** ***** UK or pass to a UK expert.

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