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Question

I inheited a property in 2001 I took out a loan for 60,000 recently paid it off and want to sell I have occupied it for 2 of last 5 years If I sell it for 220,000 do I have to pay any taxes?

Submitted: 1602 days and 20 hours ago.
Category: Tax
Value: $5
Status: CLOSED

Accepted Answer

You will likely qualify to exclude up to 250000 of capital gain since you owned and lived in the home as your primary residence for at least 2 years of the 5 year period prior to the sale. In this case it will not be reported on your return unless the realtor issues Form 1099S in error( indicate -0- capital gain after allowable exclusion).

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Expert: Sandi Hargrove, SkyHawks
Pos. Feedback: 98.8 %
Accepts: 
Answered: 7/5/2005

Master Tax Advisor, Enrolled Agent

I am a Master Tax Advisor and Enrolled Agent. I have 40 years experience. Trucking specialist.

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