My widowed 94 y/o mother wantt\s to sell her home: built in 1954 at acost of app 70K
It has improvements of about $4,500 for new furnace, $7,500 for new roof, and about 17k for sun porch.
Her income consists of a retirment check monthly in the amount of $117.00
monthly, plus a $1,200 per month social security check. Thats her total inocme
She has been offered $615,000 for the home, and must pay off a $77,300 mortgage and pay sales agent repping the developer an agreed 3% commision.
How much, if any, capital gains tax
will she have to pay of she accepts this offer for $615,000 based on these figures?