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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Capital Gains and Losses
Satisfied Customers: 263
Experience:  Over 20 Years experience in resolving tough tax cases
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I'm selling a property for $950,000 I've lived here .5

Customer Question

I'm selling a property for $950,000
I've lived here for 3.5 years.
I have a first loan of $195,500 & a second of $420,000.
-615,500 = $334,500 less escrow fees of 12,000 = $324,500.
I'm single so I believe I have $250,000 there's a gain of $84,500
I have at least $60,000 in receipts for work & cancelled checks.
Would I pay capital gains on $24,500 ?
Thank you
Submitted: 6 months ago.
Category: Capital Gains and Losses
Expert:  Richard replied 6 months ago.
Good evening Larry. My name is ***** ***** I look forward to helping you. Can you tell me what you paid for the house? Thanks.

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