Investment Properties: Divorced Woman Loses $100,000 On Property With Shock Capital Gains Tax Liability
One of the most stressful times of a divorce is as it pertains to splitting the property, whether it be the items of a house or the home itself. For a few couples, the transaction is a straightforward one. But there are several factors to consider that some individuals is probably not aware of and the repercussions can be expensive as well as significantly disappointing.
The couple had been married for 14 years and exercised an contract whereby Kass received the investment property while Aidan kept the family home. Family lawyer Marie Fedorov tells 9honey her team frequently handles clients who were unacquainted with capital gains taxes liability prior to dividing up property in the aftermath of a separation.
If you go back a few decades, you’ll find the thought of home ownership being the “American Dream” was laughable. The “American Dream” was to achieve success and generate income, not buy a place to live. Prior to the Great Depression, home mortgages were non-existent for most buyers nearly. For individuals who could actually get them, the terms were onerous pretty. The word for repayment was significantly less than a decade often.
As I have mentioned in other articles regarding “funny money” such as STUDENT EDUCATION LOANS, once you make more credit available a funny thing happens – prices rise. In the past due 1930’s new home loans, guaranteed by the Government became available, with conditions up to 15 years or more. Suddenly, owning a true home seemed like a likelihood …