Capital Gains and Losses

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Capital Gains and Losses

I am selling my home and have NOT lived in it yrs. I

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I am selling my home...
I am selling my home and have NOT lived in it for 5 yrs. I am low income do I have to pay capital gains tax
Submitted: 2 years ago.Category: Capital Gains and Losses
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Answered in 46 minutes by:
5/16/2015
Tax Expert: CGassist.168, Accountant replied 2 years ago
CGassist.168
CGassist.168, Accountant
Category: Capital Gains and Losses
Satisfied Customers: 3,852
Experience: Tax Accountant
Verified
Hello. The requested expert does not seem to be available at this time. How much is your income, (proceeds from property and other income)? Whether or not you will have to pay capital gains tax will depend on the tax bracket that you are in.
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Customer reply replied 2 years ago
I am on SSDI and don't make enough to pay taxes.
Customer reply replied 2 years ago
I bought the house for $95.000 in 1987 and selling for $130,000. I have about $5,000 in upgrades
Tax Expert: CGassist.168, Accountant replied 2 years ago
Hello again,
In this case, capital gains will not apply to you. You will have $30,000 in capital gains, which lands you in the 15% tax bracket.
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CGassist.168
CGassist.168
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Category: Capital Gains and Losses
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