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bigduckontax, Accountant
Category: Tax
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Going through common law separation. We own 2 properties, (deed

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Going through common law separation. We own 2 properties, (deed of trust 75/25). Sell now possibly avoid some CGT or sell later???? Need CTG property advice.
Customer: replied 1 year ago.
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Customer: replied 1 year ago.
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Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. Husbands and wives can only have one tranche of Private Residence Relief (PRR) between them. PRR can be lost unless exercised within 12 month's of separation so unload one now. Remember Benjamin Franklin's dictum that in life there are but two certainties, death and taxes. Whichever way this cat jumps there is going to be a CGT liability in one form or another although PRR may reduce it somewhat.
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