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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 41502
Experience:  Texas Attorney for 30 years dealing in real estate
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I am 76 years old on Social Security with no other income. I

Customer Question

I am 76 years old on Social Security with no other income. I am selling my home. will I have to pay taxes on the profit I make?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ray replied 1 year ago.

Again if you meet the $250,000 exemption no capital gains here, if over you pay the rates set out above on the amount over $250,000.You can also deduct costs of sale, repairs, etc before the $250k deduction so you can shelter this amount and maybe more.

I appreciate the chance to help you today.Please let me know if you have more follow up.Thanks again.

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