Capital Gains and Losses

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In 2015 I withdrew $30,000 for down payment to purchase a…

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In 2015 I withdrew...

In 2015 I withdrew $30,000 for down payment to purchase a beach home. I had to pay 7,000 in taxes and my medicare amount also went up as income was shown as increase on tax form. I am now thinking about selling due to health issues and am wondering how the 30,000 (?) equity will be handled on my next tax return. Can you answer this for me? Thank you

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

No other home ownership, widow, 73 years of age.

Submitted: 10 months ago.Category: Capital Gains and Losses
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10/4/2017
Tax Expert: emc011075, Master Tax Adviser replied 10 months ago
emc011075
emc011075, Master Tax Adviser
Category: Capital Gains and Losses
Satisfied Customers: 3,985
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Hi. My name is ***** ***** I will be happy to help you.

You will calculate your capital gain by deducting your basis (equity) from sales price. Your equity is your purchase price, any capital improvements and expenses of sale. If you bought the house in 2015 and sold it in 2017, you will have long term capital gains. Was the beach house your principle residence?

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