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Merlo
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Category: Tax
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I just sold my Oklahoma City Condo and would like to set aside

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I just sold my Oklahoma City Condo and would like to set aside monies probably due for state taxes and need to know what is the approx amount due from my sell which netted a $21000 profit and how can I pay now? Thanks.
Submitted: 5 years ago.
Category: Tax
Expert:  Merlo replied 5 years ago.
Hello okc,

Was this condo used by you as your primary residence?

Customer: replied 5 years ago.
Off and on within the last 5 years....am disabled and it was difficult to deal with 2-story condo so had to sell
Expert:  Merlo replied 5 years ago.
Hello again okc,

During the last 5 years, did you live in the condo for at least a total of 24 months on and off during that period of time? It will make a huge difference in whether or not you owe any tax on this sale.

Customer: replied 5 years ago.
Yes, I lived an average of 5 to 6 months each year
Expert:  Merlo replied 5 years ago.
Hello again okc,

Under current regulations, you are allowed to exclude $250,000 (or $500,000 if you are married filing a joint return) from any gain you have on the sale of your primary residence. Any gain which exceeds those exclusion amounts is then subject to capital gains tax.

In order to be classified as your primary residence, you must have owned the home for at least 2 years and you must have lived in the home for at least 2 of the last 5 years. The time you lived there does not have to be 24 consecutive months. You satisfy both the ownership and the use requirements, so you may apply these exclusions to your gain, and you should therefore owe no taxes on this sale.

http://www.irs.gov/newsroom/article/0,,id=105042,00.html

If this was helpful please press the Accept button. Positive feedback is also greatly appreciated.

Thank you okc.




Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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