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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12485
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Question, I have a very old home I was born, I'm 73 years

Customer Question

Hi, question, I have a very old home I was born, I'm 73 years old, the house is a wreck, I'm am a senior very very sick and need surgery I want to sell the home I was born for 50,000.00 for my medical bills, I kept the yard up but people took the air condition out the basen bowel in the bathroom was on the floor when I sell it for 50.000 mirage taxes paid Up in full. Do I have to pay any taxes on it
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: How much d o I have to pay
JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.
Customer: Please do I need o know how much on 50.000.some one told me nothing but I need to be sure, am a sick senior 73years I don't need no trouble I'm to old The house is very old I owe no mortgage no taxes everything is clear. Please help me and tell me. Thanks So Much.
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

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My name's Lane. I can help you here.

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That's right. There is an exclusion of capital gain income (therefore NO tax) on gains up to $250,000 if this is your primary home

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And IRS' definition of primary home is that you lived there for at least 2 years out of the 5 years before the home is sold.

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The tax law on this is Internal Revenue Code, section 121.

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So selling for $50,000 is FAR under the amount that is completely excluded from taxes.

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Let me know if you have any questions.

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Lane

Expert:  Lane replied 1 year ago.

If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

Otherwise I’m working for no crediting at all here

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Thank you!

Lane

I hold a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986