Capital Gains and Losses

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I am 74 and purchased my house 8/8/16. If I sell before the…

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I am 74 and...

I am 74 and purchased my house 8/8/16. If I sell before the 2 years must I pay capital gains tax. This is too much for me. I'm moving into a senior community. I want to put it on the market after the holidays. about February.

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 in Texas and returning to NY. I not looking to make money I just want to be able to afford the senior community I was in in NY. I made a big mistake moving here. Its cost me. I had a lightning strike to me my home and the insurance dosen't cover all. A wind storm took off part of my roof a month later. I want to be out of here before the spring storms hit again.

Submitted: 8 months ago.Category: Capital Gains and Losses
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Answered in 4 minutes by:
11/22/2017
Tax Expert: levr, Tax Advisor replied 8 months ago
levr
levr, Tax Advisor
Category: Capital Gains and Losses
Satisfied Customers: 33,293
Experience: Working for a large tax preparation service
Verified

If I sell before the 2 years must I pay capital gains tax.

The first step will be to verify IF you realize any gain on that sale.
Only the gain - not the full proceeds - will be added to other taxable income.

If there is no gain - there will not be any additional tax liability.

If you do realize a gain - that amount will be added to taxable income, but because you owned the property more than a year - the gain will be taxed at reduced tax rates.

How that gain is determined?
(selling price) MINUS (adjusted basis) MINUS (selling expenses)

Your adjusted basis is actually your purchase price PLUS any improvements.

Let me know if you need any help with estimations.

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Customer reply replied 8 months ago
Not fair. First it was $5. After you got my credit card that changed. I wonder. What the better busness bureau would say. I'm living on a shoestring here and now feel as though I've been taken advantage of once again.
Tax Expert: levr, Tax Advisor replied 8 months ago

I am sorry for your confusion.

Please be aware that experts do not have access to your account.

If you have issues with charges - please communicate directly to the customer service - and I am sure all issues will be resolved in your favor.

If you are willing to continue communication - I will be glad to help you with all Tax and Social Security issues.

Just let me know.

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Tax Expert: levr, Tax Advisor replied 8 months ago

Let me know if you need any additional help with estimations or reporting.

Let me know the reason you are selling your house - that may help to avoid recognition of the taxable gain.

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