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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33716
Experience:  15 years real estate, Realtor. Landlord 26 years
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I hope you can help me. I recently listed my home for

Customer Question

Hello and I hope you can help me. I recently listed my home for $459,000.00. Today a gentleman visited my home with his realtor and is prepared to make a cash offer. He also wants to negotiate a separate offer for the contents of my home. I owe 280,000 on this 13 year old property with an assessed tax value of 334,000. I am 63 years old and single. How do I avoid a huge tax bill on this transaction?
Thank you,
Cathey
Submitted: 7 days ago.
Category: Real Estate Law
Expert:  Barrister replied 7 days ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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How long have you lived there?

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What taxes are you talking about... capital gains taxes?

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thanks

Barrister

Customer: replied 7 days ago.
I built this 3000 sq ft brick French Country style house on 1 3/4 acres in 2014. I am concerned about capital gains.
Expert:  Barrister replied 7 days ago.

Ok, so have you lived there at least 2 years?

Customer: replied 7 days ago.
Customer: replied 7 days ago.
I have lived here since it was built. Very few homes sell for greater than 300,000.00 in this area of Ohio since DHL left.
Expert:  Barrister replied 7 days ago.

Ok, then you would be able to exempt up to $250,000 if single, $500,000 if married, in capital gains under the homestead exemption available under federal law for the sale of someone's home. They just have to live there 2 out of the last 5 years in order to qualify..

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So any sale would be tax free under your scenario..

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thanks

Barrister

Customer: replied 7 days ago.
Thank you. That helps. What about the contents? Wouldn't I have to pay taxes on the profit?
Expert:  Barrister replied 7 days ago.

No, that is personal property and there is no state or government entity that tracks the sale of personal property.. Presumably personal property depreciates over time, like your sofa, chairs, electronics, etc. so there is normally no "profit" on the sale of personal property..

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Even if there was, there is no one who monitors it.

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So your entire sale would be tax free..

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thanks

Barrister

Customer: replied 7 days ago.
Thank you. I so appreciate your advice!
Expert:  Barrister replied 7 days ago.

You are very welcome. Happy to help any time.

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It was my pleasure to work with you and help with your question. If you ever need me in the future, you can post a new question with "For Barrister" in the caption and the JustAnswer employees will get it to me.

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If you feel your original question and any related follow ups have been answered, I would very much appreciate a positive rating by clicking on the stars, smiley faces, or numbers on your screen as that is the only way I receive credit for my work.

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Have a great afternoon!

Barrister

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