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Stephen G.
Stephen G., Financial Advisor
Category: Capital Gains and Losses
Satisfied Customers: 7073
Experience:  Senior Tax Expert; CPA/PFS(retired)Personal Financial Planner; Small Business & Professional Mergers & Acquisitions
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WIDOW, AGE 75, SELLING HOUSE, MOVING TO AN APARTMENT. NOT

Customer Question

WIDOW, AGE 75, SELLING HOUSE, MOVING TO AN APARTMENT. NOT BUYING ANOTHER HOME MORE THAN WE SOLD PRIMARY HOME. DO I PAY TAXES ON THIS MONEY, AT THIS TIME, I DO NOT HAVE ENOUGH INCOME THAT I PAY TAXES (OTHER THAN PROPERTY TAXES) IN TEXAS. THANK YOU
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  Stephen G. replied 1 year ago.

As long as you owned & lived in the home as your primary residence for 2 out of the previous five years ending on the date of sale, you will be eligible for the capital gain exclusion of up to $250,000 of gain on the sale. If your gain is going to be more than that, let me know & we can discuss further. If that will cover your gain, at the closing you will be asked to sign an affidavit that you qualify for the exclusion & there will be no 1099 sent on the sale & you will not have to report the sale at all on your tax return for the year of the sale. If you aren't otherwise required to file a tax return, you won't have to file if you qualify for the exclusion either.

Steve G.

Customer: replied 1 year ago.
EXCELLENT. I COULD UNDERSTAND THE LANGUAGE. YOU ARE GREAT.MUCH RELIVED. NO MORE HELP NEEDED NOW, I HAVE A SHOVEL. AND A MATTRESS.
Expert:  Stephen G. replied 1 year ago.

Great, nice to know I still speak English as a first language!

Please remember to rate my response as that is the only way we receive credit for our work.

Thanks again,

Steve G.

PS If you'd like to reach me again here at JustAnswer.com, just ask for "STEVE G" at the beginning of your question.

Expert:  Stephen G. replied 1 year ago.

PSS I have a mattress & a rake, no shovel :] (Never heard that one before - mattress & a shovel)

Do you have any follow-up questions?

If not, I would appreciate it if you would take a moment to rate my response as that is the only way we receive credit for our work.

Thanks very much,

Steve G.

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