Capital Gains and Losses

Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP

Ask an Expert,
Get an Answer ASAP!

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

Customer Question
I just sold my...

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?

Accountant's Assistant: When we are ready I'll take you to the appropriate web page.

Thank you

Accountant's Assistant: 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?

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: 10 months ago.Category: Capital Gains and Losses
Show More
Show Less
Ask Your Own Capital Gains and Losses Question
Answered in 2 minutes by:
10/14/2017
Tax Expert: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 10 months ago
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Capital Gains and Losses
Satisfied Customers: 2,767
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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 ?
Ask Your Own Capital Gains and Losses Question
Tax Expert: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 10 months 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%

Ask Your Own Capital Gains and Losses Question
Tax Expert: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 10 months 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

Ask Your Own Capital Gains and Losses Question
Tax Expert: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 10 months 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!
Ask Your Own Capital Gains and Losses Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax expertLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Chad EA, CDFA®, CFP® Your Own Question
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Capital Gains and Losses
Satisfied Customers: 2,767
2,767 Satisfied Customers
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA

Chad EA, CDFA®, CFP® is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

R. Klein, EA

R. Klein, EA

Enrolled Agent

263 satisfied customers

Over 20 Years experience in resolving tough tax cases

jgordosea

jgordosea

Enrolled Agent

173 satisfied customers

As an Enrolled Agent you can be ensured of my competence in income tax matters.

PhillipB EA

PhillipB EA

Accountant

130 satisfied customers

Enrolled Agent with 8 years experience in tax return preparation, representation, and taxpayer consultation

Arthur Rubin

Arthur Rubin

Tax Preparer

77 satisfied customers

Over 22 years of tax preparation experience.

Bill-the-CPA

Bill-the-CPA

Certified Public Accountant (CPA)

55 satisfied customers

Seasoned professional with over 15 years in public accounting. Income, sales and property tax. Also accounting/tax software.

FredStevens

FredStevens

Accountant

37 satisfied customers

Experienced in business, accounting and tax planning for individuals, small/medium sized businesses and non-profit organizations

Shane-CPA

Shane-CPA

CPA, PFS, CGMA

11 satisfied customers

Shane Northrop is a Certified Public Accountant, Personal Financial Specialist and a Chartered Global Management Accountant

< Previous | Next >

Related Capital Gains and Losses Questions
My mother, 94 yrs old, passed away on Monday. She sold her
My mother, 94 yrs old, passed away on Monday. She sold her house in April for $400k. She has no other income other than Social Security. She live in the house, her primary residence, for two of the la… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
My parents (80 and 84) inherited a home when my sister died
Hi Pearl, my parents (80 and 84) inherited a home when my sister died in February. They sold the home and are wanting to save enough to pay for the taxes from the proceeds. How much will they have to … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
CERTIFIED FINANCIAL PLANNER ®, Professional
Master's Degree
2,767 satisfied customers
My mother passed away without a will and her estate is going
My mother passed away without a will and her estate is going through probate. She has 3 properties in California. I live in Tennessee and am wondering what are the tax implications of my inheritance, … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
My 2 sisters and I sold a house in 2016 that we inherited in
My 2 sisters and I sold a house in 2016 that we inherited in July 2012 when my mother passed away. There is a Capitol Loss from the appraised value of July 2012. Do my sisters and I just split the Cap… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
Gains on parents home can I buy a retirement motorhome with
Gains on parents home can I buy a retirement motorhome with that money and not pay capital gains. Also can I finance part of that so I can keep some money to fix repairs on my residence badly needed.… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
How much do you charge first? Thanks, Renee, So, the first
So, the first page is $5.00 and this provides enough information to answer my questions? Thank you. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,674 satisfied customers
My brother set up a Trust before he passed away in 2003 with
My brother set up a Trust before he passed away in 2003 with my mother as the beneficiary. The Trust ceased in 2015 upon my mother's death and my sister and I become equal owners after her death. This… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,435 satisfied customers
I have my parents home I bought ,000 paid to my sister in
I have my parents home I bought for 40,000 paid to my sister in 2011. We have made updates on the home but we did the work ourselves. If I sold the home for 120,000 how much capitol gains would I have… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,674 satisfied customers
My father passed away in January and his house was in his name
My father passed away in January and his house was in his name as well as my sisters name. Paid off . The house is being sold and we were wondering about the capital gains tax if it's figured from the… read more
Expert
Expert
4 satisfied customers
I have inherited my fathers house in along with my brother
I have inherited my fathers house in Virginia along with my brother and sister. They are both married, but I am single. I have never owned a home. They do own a home. Do I have to pay capital gains ta… read more
abci168
abci168
Principal
27 satisfied customers
Recently sold our home for $325,000. and downsized to a
Recently sold our home for $325,000. and downsized to a $107,000. which needs a great deal of repair and updating. Also we did a lot of updating to previous home to bring it up to good market price. W… read more
abci168
abci168
Principal
27 satisfied customers
Trying to estimate capital gains tax on home sale. home
trying to estimate capital gains tax on home sale. home purchased in 1950 for $12,000. Sold in 2015 for $80,000. Taxable income for 2015 approx. $50,000 Have made $20,000 in home repairs, plus realtor… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
If I am selling a home that was financed in my mother's name
If I am selling a home that was financed in my mother's name but I paid all the mortgage payments and etc, and she passed away 10 years ago and I have been renting it to a friend and his wife who are … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
We have owned our WA house since 1986. My husband got a job
We have owned our WA house since 1986. My husband got a job in CA. He lived there August 2009-February 2015. We bought a condo in CA March 2011 and sold it Sept 2014. (We plan to pay capital gains on … read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
173 satisfied customers
My mom died in 2014. She had put her home in both my name and
My mom died in 2014. She had put her home in both my name and my sister's name. We have sold the house and will split the money from the sale. Will it be considered capital gain? If i purchase a home … read more
PhillipB EA
PhillipB EA
Accountant
Bachelor's Degree
130 satisfied customers
Hi my mother owns a home that has been handed down from her
Hi my mother owns a home that has been handed down from her mother and her mother (my great grandmother was the original owner in the 1960's). In California this home has been under Propostion 13 tax … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I bought a house in 2000 for $ 190,000.00. I added a large
I bought a house in 2000 for $ 190,000.00. I added a large carport, sun room, and large stone patio for $ 88,000.00. Due to some health concerns and upcoming retirement need, I sold this house in June… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
In 2008 my Dad died and my sister rushed my mother into putting
In 2008 my Dad died and my sister rushed my mother into putting her name on the deed of the family home. In 2011 my mom died so now my sister's name is XXXXX XXXXX name on the deed. She just sold the … read more
gregmey
gregmey
Financial Planning Associate
Bachelor's Degree
20 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x