Capital Gains and Losses

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My wife's father died and we inherited and sold his house…

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My wife's father died...

My wife's father died and we inherited and sold his house the was held in trust. We will have $25,000 in capital gains reported to use for the tax year 2018. We get our heath care from the marketplace with a PTC. This capital gains will put us over the 400% level for assistance. Can we reinvest this capital gain so it will not show as adjusted gross income?

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Submitted: 3 months ago.Category: Capital Gains and Losses
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3/22/2018
Tax Expert: CGassist.168, Accountant replied 3 months ago
CGassist.168
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Tax Expert: CGassist.168, Accountant replied 3 months ago

In brief, reinvesting the capital gains is not an option. If you have incurred a gain, then you will need to pay the capital gains tax. In order to determine the true gain amount you start with the cost basis (FMV of property on the date of death). If you sold the house for more than the FMV, a gain was occurred. If for less, a loss was occurred. If you calculated the gain correctly, then you will just have to pay the capital gains tax.

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