An apartment was purchased for 117 k three years ago after a divorce -
It was bought outright with no mortgage after the sale of the family home.
now the apartment is up for sale-
There is an offer of 131k presently -
May increase another bit as two people are bidding -
what if any liability - capital gains etc will apply with this “ profit “ between 117 k and 131 k ?
Place is being sold to buy another in a different area - seller is looking around and hasn’t identified a new property as yet -
seeking advice on any pitfalls financially to watch for -
thanks very much
It was bought outright with no mortgage after the sale of the family home.
now the apartment is up for sale-
There is an offer of 131k presently -
May increase another bit as two people are bidding -
what if any liability - capital gains etc will apply with this “ profit “ between 117 k and 131 k ?
Place is being sold to buy another in a different area - seller is looking around and hasn’t identified a new property as yet -
seeking advice on any pitfalls financially to watch for -
thanks very much