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I bought a house in 1973 for$20000 lived there for 35 years…

Customer Question
I bought a house...

I bought a house in 1973 for$20000 lived there for 35 years it's may be considered a 2 nd home now.dauther lives there now.she is moving if I sale the house for 100,000 do I pay taxes on how much? It talks about base price does that change in time ? I have refinance several times owe 86,000 now.

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

Nothing

Lawyer's Assistant: Have you talked to a ND lawyer about this?

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Submitted: 6 months ago.Category: Real Estate Law
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Answered in 11 minutes by:
3/21/2018
Real Estate Lawyer: DamienJD, Lawyer replied 6 months ago
DamienJD
DamienJD, Lawyer
Category: Real Estate Law
Satisfied Customers: 5,678
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Hello: My name is ***** ***** I am an attorney. Please give me a moment to review your question. I may ask some questions to clarify issues.

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Customer reply replied 6 months ago
Ok
Real Estate Lawyer: DamienJD, Lawyer replied 6 months ago

The mortgage would not affect the capital gain. Recall, the capital gain tax is what you pay on the profits of the sale (after deducting closing costs). Capital gains is calculated from the "adjusted basis" of the property.

So, over time the basis can change.

To calculate the gain or loss on the sale of your property, you take the gross sales price less your selling expenses to calculate the total amount realized. The next step is to subtract your “adjusted basis” to determine the gain or loss on the sale, which is the original purchase price plus any improvements that you made to the home over the years. So, the basis can increase if there were home improvements over the years, lower the capital gain.

If you have further questions or you need further assistance, just let me know.

If not, please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

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Customer reply replied 6 months ago
Does the base flow up from $20,000 with time 45 years. Cost of living and value of the home in the areas go up and do I need to show improvements cost over the years.
Real Estate Lawyer: DamienJD, Lawyer replied 6 months ago

It does not flow up with time. Some people have bought houses in the 1950s, and the basis would be at that price, plus adding in the home improvements. Ideally, you would have kept records of all the home improvement costs as evidence. However, reviewing what home improvements occurred and the costs involved, could work also.

If you have further questions or you need further assistance, just let me know.

If not, please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

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Customer reply replied 6 months ago
That said it seems like I would be better off to let the bank have the house back and I do rate you a 5 star although the answers are not what I wanted to hear they were true
Customer reply replied 6 months ago
I hope I'm not signed up for a $55 monthly fee
Real Estate Lawyer: DamienJD, Lawyer replied 6 months ago

I know this is not the exact answer you would have hoped to have heard but it is better for you to know what is expected in this situation.

We can continue to discuss this if you want. Just let me know.

If you are satisfied with the services I provided to you, please provide a positive rating between 3 and 5 stars at no additional charge to you so I can get credit for helping you. Again, if you have a follow-up question, just let me know. Best regards.

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Customer reply replied 6 months ago
I have lived there off and on for the last 10 years what would I need to prove that to make it my first residence
Customer reply replied 6 months ago
You are 5 star Sir.
Real Estate Lawyer: DamienJD, Lawyer replied 6 months ago

If the homeowner has two houses, and uses each as a residence for successive periods of time (such as alternating between Palm Springs in the Winter and North Dakota during the rest of the year), the property that the homeowner uses a majority of the time during the year will usually be considered the principal residence.

Thanks. You can rate the 5 stars on your page. Best regards.

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