I got a capital gains question. short version of the story a couple years ago after getting married we bought a new place and my old one bedroom we agreed to sell it to a friend of my dads (long story short again he declared bankruptcy way back and was just trying to establish roots again and we were helping him out). I guess this process was only suspose to take a few months but sure enough a couple years later (everything from his file getting lost and having to start over and his file sitting there a couple times over holidays) he finally got his ducks in a row. He was paying minimal rent over the time ($650 in an apt near 17th SW) when he finally got his ducks in a row but then the housing crisis happened and he had a mortagage deal fall threw because of it. So in the end the only thing he could get from a lender was a mortgage at 8% with a $15,000 lender fee (on 150k). Needless to say he couldn't take because its just not reasonable so I told I can't wait any longer because I really need to unload the property because I'm spinning my wheels and need to move on.
I know I was way to nice to the guy but I think I'm going to get screwed in the end because I think I have to pay capital gains on that property because its been so long. Is that pretty much the jest of it?
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