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We need some one to advise us on the selling of our home as…

Customer Question
We need some one...

We need some one to advise us on the selling of our home as to what taxes will cost us in California.. we are 70 yrs of age and on the profit of the sale we need to invest in something safe so we can retire on it...in our situation would it be advisable to in vest all or carry a note with a large deposit...pay all taxes upfront..or carry a note with deposit?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

No i don't think so

Submitted: 1 month ago.Category: Tax
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Answered in 5 minutes by:
1/2/2018
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 month ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,715
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 month ago

CA and federal both allow for an exclusion of gain on the sale of your main home up to $500,000 if married filing joint. That has not changed.

Carrying a note still allows you to exclude gain but you would be taxed on the interest each year.

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Customer reply replied 1 month ago
This home we are selling belonged to my in laws they passed away in 2004...so my husband inherited it,..we started renting the home in 2008 as a vacation rental, does the tax situation still apply or is this situation different, our son lived in the home for a few years before we starting renting it..
Customer reply replied 1 month ago
no
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