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Under the terms of the divorce agreement, T continued to live in the home until 1999, when it was sold for an $80,000 gain.
At that time, the house was sold and the proceeds divided equally between the parties.
Taxpayers who sell their homes for an amount exceeding the exclusion threshold, but who realize no gain on such sale, should maintain adequate documentation of their basis in the residence sold.
In Snowa,(26) the taxpayer and her ex-husband sold their jointly owned home and split the proceeds: thus.
If a new residence is acquired with resources from both spouses but title in the new property is held only by the spouse who previously sold a home, under Snowa, the taxpayer must be able to prove that any payment from the nonselling spouse was a gift or loan and that there is no legal obligation to transfer an interest in the property to that spouse.
M's basis was $100,000; she sold her home for $200,000.
In late 2000, she sold both Sappi (NYSE: SPP), a South African stock trading in the United States as an American Depositary Receipt, and Packaging Corp.
To make up the shortfall, some securities will have to be sold each year, which means you'll have to decide what to sell.
Her group has sold $16 million worth of art to date, and Balanciere now makes $150,000 annually.
Gloria Hilliard Mayfield sold $7 worth of cosmetics at her first Mary Kay demonstration.