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CGassist.168
CGassist.168, Accountant
Category: Capital Gains and Losses
Satisfied Customers: 3444
Experience:  Tax Accountant
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I am selling my home and have NOT lived in it yrs. I

Customer Question

I am selling my home and have NOT lived in it for 5 yrs. I am low income do I have to pay capital gains tax
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  CGassist.168 replied 1 year ago.
Hello. The requested expert does not seem to be available at this time. How much is your income, (proceeds from property and other income)? Whether or not you will have to pay capital gains tax will depend on the tax bracket that you are in.
Customer: replied 1 year ago.
I am on SSDI and don't make enough to pay taxes.
Customer: replied 1 year ago.
I bought the house for $95.000 in 1987 and selling for $130,000. I have about $5,000 in upgrades
Expert:  CGassist.168 replied 1 year ago.
Hello again,
In this case, capital gains will not apply to you. You will have $30,000 in capital gains, which lands you in the 15% tax bracket.
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