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N Cal Attorney
N Cal Attorney, Attorney
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Experience:  since 1983
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My husband sold his home in January 2016 for 55o.ooo he paid

Customer Question

My husband sold his home in January 2016 for 55o.ooo he paid 119.oooto the irs.com for capital gains, is that a sufficient amount or is that an overpayment.
Submitted: 1 month ago.
Category: Legal
Expert:  N Cal Attorney replied 1 month ago.

Thank you for your question.

The answer is yes, the sale created a taxable capital gain, but you may be able to avoid it if you file a joint return, otherwise he can avoid the tax on $250,000 of the capital gain, see

https://www.irs.gov/taxtopics/tc701.html

I hope this information is helpful.

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