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Stephen G.
Stephen G., Financial Advisor
Category: Capital Gains and Losses
Satisfied Customers: 7149
Experience:  Senior Tax Expert; CPA/PFS(retired)Personal Financial Planner; Small Business & Professional Mergers & Acquisitions
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My names is ***** *****. I purchased a home in 1985 for

Customer Question

Hi, my names is ***** *****. I purchased a home in 1985 for $155k and sold it for $780k in 2015. I just had my taxes done and was quoted $62k in capital gains after deducting the allowed $250k as a single person. I don't know what to do. I have the money in an IRA or I could obtain a home equity loan that would take me the rest of my life to pay. I owe $125k on my home mortgage. Which way should I go? I'm sick with worry
JA: Thanks. Can you give me any more details about your issue?
Customer: Okay, I'm 67 years old and my current home loan won't be paid off for another 30 years
JA: OK got it. Last thing — Tax Experts generally expect a deposit of about $18 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  Stephen G. replied 1 year ago.
What happened to the 780K?
Expert:  Stephen G. replied 1 year ago.
Just Checking in....................Do you have any follow-up questions?If not, please remember to rate my response as that is the only way we receive credit for our work.Steve G.