a capital gain question

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    a capital gain question

    my wife as rent a house for 19 years and never lived in it .
    is it possible to transfer to me , her husband .
    then i make election after transfer as my main residence and live in it for a year.
    will there be a capital gain to pay?

    Well... in theory yes. In practice:

    Only if you both actually go to live there and dispose of your current house (or at least rent it out). And you need to actually, really, honestly and truly live there (not pretend to) for two to three years at least before you start marketing it, and even then only if you don't move back to the house you're currently living in.


      thanks for answer


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