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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 967
Experience:  Certified Public Accountant
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Ad my wife an I sol or home with a profit of 70000afer

Customer Question

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JA: Hi. What is your issue regarding?
Customer: My name is ***** ***** my wife an I sol or home with a profit of 70000afer living in it for 12 years after purchase here in mc . Do we owe any state or federal tax and do we need to report the sale?
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: No
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.
Submitted: 4 months ago.
Category: Tax
Expert:  Mark Taylor replied 4 months ago.

Hi Dave, I would be happy to help you with you question. My name is Mark.

Expert:  Mark Taylor replied 4 months ago.

I think you will like this answer :)

Expert:  Mark Taylor replied 4 months ago.

As long as you lived in the home for past 2 out of 5 years you are able to exclude a gain of up to $500,000 if married.

Expert:  Mark Taylor replied 4 months ago.

So in your example, the $70,000 would be tax free.

Expert:  Mark Taylor replied 4 months ago.

This is assuming that you never rented your home out or use your home as a home office.

Expert:  Mark Taylor replied 4 months ago.

I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today

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