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I sold my house this year and at 68 years of age I was hoping

that I will use my...
I sold my house this year and at 68 years of age I was hoping that I will use my money for years to come. I worked as an Industrial Engineer for 40 years in this country but my total pension is $1200 a month. Obviously, I could not live on that, so I would appreciate any suggestion what I can do to keep majority of my money for my future.
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Answered in 9 minutes by:
9/22/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified

Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

How are you today?

Megan C :

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

Megan C :

The only portion that is subject to tax is the amount by which the selling price exceeds what you purchased it for initially

Megan C :

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"

Megan C :

Do you have any further questions about how the tax on the sale of your home is handled?

Megan C :

If not, please reply and let me know if I have provided you with excellent service today

Customer :

I knew all this I was just hoping that I am missing something

Megan C :

What other information did you need more details on?

Customer :

I was hoping that in my age being retired i would get some break

Megan C :

No, unfortunately there are no special breaks for those over the age of 60 when it comes to selling your house.

Megan C :

Do you plan on having a large taxable gain?

Customer :

yes

Megan C :

Do you own a business?

Megan C :

Do you have other investments you can sell at a loss?

Megan C :

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.

Customer :

unfortunately no

Megan C :

I'm truly sorry that there's not more tricks to get the taxable gain down.

Megan C :

Is there anything else I can assist you with today?

Customer :

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.

Megan C :

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.

Megan C :

And if there are no further questions, please rate my response as "excellent" as that gives me credit for assisting you today

Megan C :

I see you rated my service as bad, I am penalized personally for these negative ratings, as I explained

Megan C :

If you rate me lower than "okay" it impacts my ability to make a living on the site

Megan C :

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.

Customer :

how?

Megan C :

All you have to do is contact customer service and tell them you want a refund.

Customer :

how?

Megan C :

Even if you rate highly, they offer a 100% satisfaction guarantee

Megan C :

Rate me highly by selecting at least 3 stars at the bottom of your screen

Customer :

I just dont know how to contact costumer service

Megan C :

Let me get you the email address.

Megan C :

http://www.justanswer.com/refund/refund-1-2/refund.aspx

Customer :

they will charge, I know that. I am sorry Megan

Megan C :

No I am personally penalized for these ratings.

Megan C :

I just gave you the link to request a full refund.

Customer :

and I will be paying $49 for something I knew

Megan C :

I promise you will get a refund...

Megan C :

They have a 30 day money back guarantee...

Megan C :

http://ww2.justanswer.com/shockingly-simple-justanswer-promise

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified
Megan C and 87 other Tax Specialists are ready to help you
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Thanks for rating me highly. I'm sorry that I could not provide you with additional information that you didn't already know, but there's not much to this part of the tax code.

I appreciate that you rated me based on my service, rather than how the answer made you feel.

Have a great day, and come back and see me next time you have a tax question.
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
16,592 Satisfied Customers
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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