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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
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I have put my name on a waiting list senior apartment

Customer Question

I have put my name on a waiting list for a senior apartment complex. I spoke to a realtor and she recommended that I speak with a tax advisor about when I sell my house and keep the amount that I get from the sale of the house.
This has not happened yet so it is a hypothetical question. Can you help me with this matter?
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.
Hi. My name is ***** ***** I will be happy to help you. How much of the amount you will be able to keep depends on your individual situation. Is the home you are selling your primary residence? If yes, how long? What is estimated listing price? What was the purchase price? Any major improvements like roof replacement, additions and such?
Customer: replied 1 year ago.
thank you for responding.
Expert:  emc011075 replied 1 year ago.
You're welcome. Generally, if the property is your primary residence for at least 2 out of 5 years prior the sale, you usually qualify for up to 250K (500K if filing jointly) of capital gain exclusion. You will calculate your capital gains by subtracting your purchase price, improvements and settlement cost (including RE commission) from the selling price. You can than apply the exclusion if you qualify. Most homeowners will not gave any capital gains from selling a primary residence unless they live in a very expensive area like southern CA, or major cities. If you give me some idea about the property you are trying to sell, I can help you to figure out if you will have any capital gains to worry about or not.