Hello and thank you for using Just Answer
If the sale created a gain (your basis lower than sales price) then you would pay capital gains tax on the gain,
as per the question
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
Your basis would be the fair market value on date of death of the decedent plus any improvements you made while you ownedit
yes it was my home since 2006 after mother passed
Then you can exclude any gain that you had up to the amounts I listed.
no gain lost my ass
You may not cliam loss on personal home unfortunately
market went south neighborhood went south
I know, that's still everywhere
ok so i will not owe tax due to sale ?
You are welcome.
You can always come back even after you click ACCEPT
Thnak you in advance for clicking ACCEPT