[lesliemaygofort]

Iam in the process of leaving my long-term boyfriend. We own a house together, although the loan and deed are only in my name due to his credit. We have invested in the property 50/50 and I am eager to sell. We have acculuated about 50k in equity. I want to be able to split the profit evenly, but I want to be sure that I am covering all aspects. What percentage can I plan on being taxed on the profit of the sale?

[ebaines]

How long have you lived in the house? If it has been your primary residence for at least 2 out of the previous 5 years, there is no tax due at all on the first $250K profit. If you have lived there less than 2 years, you will owe capital gains taxes, the rate of which depends on whether this is a long term versus short term capital gain, and your adjusted gross income. If it's a long term gain, the tax rate is either 0%, or 15%. If a short-term gain, the tax rate is the same as your tax bracket -i.e. 10%, 15%, 25%, 28% or 33%.