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Capital Gains Tax Question
techfan
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My boyfriend and I have been together for about a year, in a long-distance relationship. He's never owned a home before, I've owned mine for about 5 years. We're both moving to a new location, but together. He's buying a new house, and would prefer to be it only in his name, in case the worst happens, and we don't work out. Should we get married, that might change, but until then, it's easier and safer to take precautions. I'm in the process of trying to sell my house, and stand to make a decent profit, but I don't know much about capital gains taxes.
My understanding...
If I sell my home, I have a set amount of time (about 2 years?) to re-invest the profit in a more expensive home.
Question...
If I get married, and have my name put on the title of the home after the initial purchase, but still within the set time frame, does paying down a mortgage count as an investment for the capital gains clause, or does it have to be a purchase where my name is on the title to begin with?
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