Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

I have benefits on Social Security Disability since 2006 Because

Customer Question
of my health I am...
I have benefits on Social Security Disability since 2006 Because of my health I am forced to sell my two story home & move to a single level & also to move from SLC at a elevation ofXXXXXGeorge of a level of 2000 which is better for my breathing my question-is since I am forced to move because of my disability are their any tax discount that might be available to help me?
Submitted: 7 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 54 minutes by:
6/1/2010
Tax Professional: Wendy Reed, Enrolled Agent replied 7 years ago
Wendy Reed
Wendy Reed, Enrolled Agent
Category: Tax
Satisfied Customers: 3,346
Experience: 15+ years tax preparation and tax advice.
Verified

Thank you for giving me the opportunity to assist you. I will give the best answer that I can with the information provided.

 

Dear JA customer,

 

There is tax relief in certain situations for medical reasons when a home is sold, but I am not sure from the information given if this applies to your situation.

 

Basically, if you do not use the home for business purpose or rental (it is your personal residence only) you are allowed to exclude up to 250K of capital gain from income or 500K if married and certain requirements are met. To do this, you have to have owned and lived in the home for at least two of the last five years ending on the date of sale. If these requirements are met, you will have a huge tax relief from capital gain---and this does not even require a special medical situation.

 

If you do not meet the 2 of five year ownership and usage tests, and you have to sell the home and have a capital gain, you may be eligible to take a reduced capital gain exclusion due to a medical reason.

 

I am providing a link to Pub. 523 that covers capital gain exclusion and reduced exclusion so that you will have more detailed information about tax consequences of selling your home. If you need more information or clarification from me, please do not hesitate to ask.

 

http://www.irs.gov/pub/irs-pdf/p523.pdf

Wendy Reed
Wendy Reed, Enrolled Agent
Category: Tax
Satisfied Customers: 3,346
Experience: 15+ years tax preparation and tax advice.
Verified
Wendy Reed and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 7 years ago
I was asking if there were any property tax savings on the new house in St. George regarding my disability?
Tax Professional: Wendy Reed, Enrolled Agent replied 7 years ago

I apologize, I thought this question was about the sale of a home. I did not see anything about property tax in your original question.

 

Although I am not an expert in Utah property tax, I am providing links to tax abatement and relief programs. I don't see any medical related property tax relief, but possibly one of the other circumstances may relate to you:

 

http://tax.utah.gov/forms/pubs/pub-36.pdf

 

See "standard 3"

http://propertytax.utah.gov/formswithstandards.html

 

http://www.treasurer.slco.org/html/taxRelief/

Ask Your Own Tax Question
Ask Wendy Reed Your Own Question
Wendy Reed
Wendy Reed
Wendy Reed, Enrolled Agent
Category: Tax
Satisfied Customers: 3,346
3,346 Satisfied Customers
Experience: 15+ years tax preparation and tax advice.

Wendy Reed 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:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Ied dividend and capital gains worksheet no longer
ied dividend and capital gains worksheet no longer available … read more
Carter McBride
Carter McBride
LLM
247 satisfied customers
Can you help with a capital gains tax question. We are
We are selling 100 acre hobby farm. We are not gst registered and do not make money from it: … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,797 satisfied customers
On form 1041, capital gains have to be taxed at the estate
On form 1041, capital gains have to be taxed at the estate level, correct? No distribution deduction may be taken?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
What is the benefit of paying property taxes due in 2018 in
What is the benefit of paying property taxes due in 2018 in advance before the end of the year 2017, if the property owned is a rental real estate and the income passes through to the individual owner… read more
Carter McBride
Carter McBride
LLM
247 satisfied customers
In CT they have a tax on personal property in addition to
In CT they have a tax on personal property in addition to real estate property tax. What is the personal property tax on boats? is it the same percentage as a car? also do they tax all personal proper… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,797 satisfied customers
What are the turm capital gains tax on properties that are
what are the long turm capital gains tax on properties that are in germany? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Can My Investment properties be taken for payment of medical
Can My Investment properties be taken for payment of medical bills in California? … read more
abci168
abci168
Principal
27 satisfied customers
My question is about taxation of capital gains on equities,
Hello, My question is about taxation of capital gains on equities, like stocks, options, futures of F1 students. Here the facts:1. F1 student for 4 years in the US2. student does not get any income wi… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,074 satisfied customers
I'm working to understand capital gains tax for California
I'm working to understand capital gains tax for California property purchased 4 years ago. It's a primary residence, purchased 4 years ago for $385k with $285k principle outstanding. Expected sale price of $630k … read more
abci168
abci168
Principal
27 satisfied customers
I'm canadian who want to understand capital gains tax rate.
Hi, i'm canadian who want to understand capital gains tax rate.I have a rental house that i bought at 500K. I sold it after 9 yrs at 1100K. With the money, i bought a new house (will be my primary res… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,797 satisfied customers
I have bitcoin and I want to avoid the capital gains tax and
Hi I have bitcoin and I want to avoid the capital gains tax and dont want it to be ordinary income what should I Do … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,074 satisfied customers
I have a capital gain of $2,500 from stocks I sold and held
I have a capital gain of $2,500 from stocks I sold and held for less than a year. I have no income and Turbo tax says I owe $600 … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
What is the taxable capital gain for each 50% owner
What is the taxable capital gain for each 50% owner (divorced couple) on a 1031 Exchange property where only one owner meets the 2 of 5 years occupancy test and one of the 50% owners is now remarried?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,074 satisfied customers
Are you familiar with Capital Gain taxes on rental property?
Are you familiar with Capital Gain taxes on rental property? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I sold a rental property at a loss (no capital gains);
I sold a rental property at a loss (no capital gains); however should I pay the $133,000 on the principal of my house I owe 166,000 at 2.8% or buy another rental? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Tax question is there anyway to offset a capital gain of 60
Tax question is there anyway to offset a capital gain of 60 to 70k by buying another commercial property… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Capital Gains Question: My parents have a rental property
Capital Gains Question: My parents have a rental property they bought for $150,000 several years ago. The property is now worth around $500,000 dollars with a $350,000 mortgage. They want to gift me t… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
A person has carried capital gain losses. if they refinance
a person has carried capital gain losses. if they refinance rather than sell an investment property, can they use the capital losses to offset?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 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