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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Capital Gains and Losses
Satisfied Customers: 263
Experience:  Over 20 Years experience in resolving tough tax cases
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Originally pd 13k paid this off. took out anotherfirst

Customer Question

originally pd 13k paid this off. took out anotherfirst mortgaga for 92k. balance when home sold was 54k . sold for 48k. am I looking at tax being from originaal purchase price or on the loan I had when it sold?
JA: I love the idea of making big money with investments, but there are so many things that could go wrong. The accountant will be able to help you. Is there anything else important you think the accountant should know?
Customer: ?
Submitted: 10 months ago.
Category: Capital Gains and Losses
Expert:  Richard replied 10 months ago.

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 10 months ago.

Was this home your principal residence or was it owned for some other purpose? Thanks.