Have a Tax Question? Ask a Tax Expert
Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.
How are you today?
If you sold your house, you can exclude up to $250,000 of the gain from tax, or $500,000 if you are married filing a joint return
The only portion that is subject to tax is the amount by which the selling price exceeds what you purchased it for initially
If you did any major restorations to the home such as adding a new roof or remodeling a kitchen, you can add that to what you purchased the home for to determine the amount of your "basis"
Do you have any further questions about how the tax on the sale of your home is handled?
If not, please reply and let me know if I have provided you with excellent service today
I knew all this I was just hoping that I am missing something
What other information did you need more details on?
I was hoping that in my age being retired i would get some break
No, unfortunately there are no special breaks for those over the age of 60 when it comes to selling your house.
Do you plan on having a large taxable gain?
Do you own a business?
Do you have other investments you can sell at a loss?
Because if you held some investments, such as stocks, which you know you will have to sell at a loss you could do that in the year of the sale to reduce the capital gain on the sale of your home.
I'm truly sorry that there's not more tricks to get the taxable gain down.
Is there anything else I can assist you with today?
not really, and its not your fault that you could not help me. I studied all this info but like I said I was hoping in some legal loop to keep more money for my retirement.
I understand. If you would, when you rate, rate based on my service rather than the answer. I am penalized if you rate me poorly.
And if there are no further questions, please rate my response as "excellent" as that gives me credit for assisting you today
I see you rated my service as bad, I am penalized personally for these negative ratings, as I explained
If you rate me lower than "okay" it impacts my ability to make a living on the site
I am sorry, but you said yourself that it is not my fault that I could not assist. You can still get a full refund, even if you rate highly.
All you have to do is contact customer service and tell them you want a refund.
Even if you rate highly, they offer a 100% satisfaction guarantee
Rate me highly by selecting at least 3 stars at the bottom of your screen
I just dont know how to contact costumer service
Let me get you the email address.
they will charge, I know that. I am sorry Megan
No I am personally penalized for these ratings.
I just gave you the link to request a full refund.
and I will be paying $49 for something I knew
I promise you will get a refund...
They have a 30 day money back guarantee...