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Hi, my name is Mark. I will be happy to help you with your questions. The gain would be determined by the adjusted basis of the home. The adjusted basis would be the original purchase price plus any improvements. The sales price less your adjusted basis would determine the amount of capital gain. The gain would be taxed at the federal level between 0 and 20%. How much do you expect the gain to be?
Do you know how much it cost to build the home?
Did you make any improvements? What was the cost of the lot?
Do you know the cost of the improvements?
Sorry I had to step away from the computer. So it sounds like your basis would be somewhere between $43,000 and $48,000. What did the home sell for?
Do you know what the sales price was? Were there any loans against the property?
The property taxes would be an itemized deduction on Schedule A. The travel and general maintenance costs would not be deductible.