Hello and thank you!
Sadly, I'm planning on selling my home of twelve years. As part of our divorce agreement i will split the estimated profit of $240K+ with my ex, leaving us each with roughly $120k.
Is there a timeline on reinvesting Capitol gains to avoid taxation?
And what if i reinvest in another state? Oregon, in this case.
Answer
It sounds like you should each be covered by the $250,000 exemption available for income tax purposes if it is your primary residence. Talk with your return preparer.
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