Capital Gains and Losses

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Capital Gains and Losses

I just sold my home in Bellingham WA and am in the process

Customer Question
of purchasing a home in...
I just sold my home in Bellingham WA and am in the process of purchasing a home in Bandon OR. The home I sold was an inheritance from my parents. I paid my sister 145k to buy her out. I sold it for 375k. I am on SSI and my income is $1,211.00 a month. The home I'm puchasing is 230k. How can I avoid paying capital gains?
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Customer: Thank you
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 the Accountant should be aware of?
Customer: I am a USAF veteran. I am disabled and cannot work. My medicare will be cut off at the end of this month due to moving to another state. I will have to put out money on the new property for repairs and updates.
Submitted: 1 month ago.Category: Capital Gains and Losses
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Answered in 2 minutes by:
10/14/2017
Tax Expert: Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 1 month ago
Chad CFP ®
Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Capital Gains and Losses
Satisfied Customers: 751
Experience: Managing Director
Verified

Welcome to JustAnswer! My name is ***** ***** I will assist you today.

To help you further I will need to know.

  1. When you inherited the property and how you inherited the property?
  2. If you lived in the home and if so how long did you live in the home ?
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Tax Expert: Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 1 month ago

From what you have already disclosed I don't believe your ordinary income is high enough to subject you to a long term capital gains tax higher then 0%

For 2017 the long term capital gains rate tax is as follows:

For taxpayers in the 10% or 15% ordinary income bracket-- you are subject to 0% long term capital gains rate

For taxpayers in 25%, 28%, 33%, 35% brackets--15% long term capital gains rate

For taxpayers in 39.6% bracket--20%

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Tax Expert: Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 1 month ago

If you have lived in the home for at least two out of the previous five years then you can exclude up to $250,000/$500,000 of profit under the Internal Revenue Code 121

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Tax Expert: Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 1 month ago

I would be happy to answer any follow up questions you may have.

At the conclusion of our conversation please take a moment to accept the answer by clicking on three or more stars. A positive rating of 5 stars is always appreciated. Thank you!
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Chad CFP ®
Chad CFP ®
Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Capital Gains and Losses
Satisfied Customers: 751
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