Hello, I don't really know much about capital tax unfortunately! I was wondering if you guys could help me with this please?
My husband got divorced 15 years ago and he couldn't sell the house due to his children living in the house with his ex wife until children was 18. So in that time he had to rent out while she was living in their family home. He was happy with that.
Then he met me and we bought a house together so it was my first house and his 2nd house. His name was still on the mortgage on the family home but court order that he doesn't make payment to it at all because his ex wife is responsible. He did pay CMS ofc.
Now the children is 18 and the ex-wife agreed to buy him out of the house as she wanted to stay in that house. We are in process to get the money from her soon.
When we get the money, do we need to pay for capital tax gain? Even though he didn't live there or pay any mortgage.
Thank