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I filed an extension for my 2016 tax returns. I did not make…

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I filed an extension for...
I filed an extension for my 2016 tax returns.I did not make any earned income that year but I did sell my condo:
-bought it 2010 for $125,000
-Refinanced in 2013-2014
-Lived there the whole time as it was my primary residence.
-Sold it for $145,000
-Walked away with about $20,000I did pay on my student loans, donated to salvation army, moved, etc.I'm not sure if my condo would be considered Capital Gains, tax free, tax deductible or tax credit.How should I file my taxes in order to get my tax refund back from this sale?
Submitted: 8 months ago.Category: Tax
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Answered in 1 minute by:
8/4/2017
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 8 months ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,406
Experience: Certified Public Accountant
Verified

Hi, my name is Mark. I will be happy to help you with your questions. Since you lived in the condo as your primary residence for more than 2 out of the past 5 years you would be eligible to exclude a gain of up to $250,000. So the entire amount of the $20,000 gain would be tax free.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 8 months ago

If this was your only source of income you would not be required to file a tax return. If this answered your question I would appreciate if you would take a moment to rate my response. There should be stars located above the question. This is the only way that I will receive credit for helping you today. If you have additional questions or need clarification I would be happy to continue the conversation. Thank you.

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Mark Taylor
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,406
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