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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13323
Experience:  15years with H & R Block. Divisional leader, Instructor
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i sold my house in Illinois because of back taxes and home

Customer Question

i sold my house in Illinois because of back taxes and home equity mortgage that was pulling me into bankrupcy. The house was an inheritance. do i owe tax on the sale /
Submitted: 4 years ago.
Category: Tax
Expert:  Robin D. replied 4 years ago.

Robin D :

Hello and thank you for using Just Answer

Robin D :

If the sale created a gain (your basis lower than sales price) then you would pay capital gains tax on the gain,

JACUSTOMER-y63fnotv- :

as per the question

Robin D :

If it was your main home for 3 out of the last 5 years then you could exclude gain up to $250,000 if single or $500,000 if married

Robin D :

Your basis would be the fair market value on date of death of the decedent plus any improvements you made while you ownedit

JACUSTOMER-y63fnotv- :

yes it was my home since 2006 after mother passed

Robin D :

Then you can exclude any gain that you had up to the amounts I listed.

JACUSTOMER-y63fnotv- :

no gain lost my ass

Robin D :

You may not cliam loss on personal home unfortunately

Robin D :

claim*

JACUSTOMER-y63fnotv- :

market went south neighborhood went south

Robin D :

I know, that's still everywhere

JACUSTOMER-y63fnotv- :

ok so i will not owe tax due to sale ?

Robin D :

No tax

JACUSTOMER-y63fnotv- :

thanks

Robin D :

You are welcome.

Robin D :

You can always come back even after you click ACCEPT

Robin D :

.

Robin D :

Thnak you in advance for clicking ACCEPT

Robin D :

Thank* sorry

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