Your Tax Advisor is the only one who can weigh all the variables that determine whether and how your profit will be taxed. They will need to know how long you owned it, what you paid originally, any repairs or improvements made, marital status, etc.
Here is the IRS Publication that deals with the subject:
is it an ex boyfriend or husband, if husband teh divorce decree should tell you what can or cant be done,. if it is just an ex boyfriend you may need to go to court to get home removed, you will have to prove he didnt put any money into the property or he may be due that money, either way seek the advise of a realestate attorney who can help you. good luck di... more
Shel-lee, thank you for clarifying the difference between net profits or net proceeds and net gains. That part wasn't clear in my own answers and I agree that it's a concern in the current economic climate where it's possible that someone may have refinanced since purchase to such an extent that they may now not be able to walk away from a sale with any proceeds or profits at all, yet still have a tax liability to pay on a gain. I agree that it's crucial for folks to consult a tax professional with real estate knowledge about their own situation for all the reasons you give. Thanks again for clarifying, you obviously know your stuff.... more