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I am 71 years old & sold my home in 2017. It was the first I…

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I am 71 years...

I am 71 years old & sold my home in 2017. It was the first hoe I have ever sold. Do I have to pay taxes if I invested it?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I lost money on this home because I spent more to build it after Katrina than I sold it for.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I make about $14,000.00 per year on S.S

Submitted: 1 month ago.Category: Tax
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Answered in 3 minutes by:
1/8/2018
Tax Professional: Lev, Tax Advisor replied 1 month ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 31,294
Experience: Taxes, Immigration, Labor Relations
Verified

If the property was owned and used as your primary home at least two years - you may exclude the gain from taxable income - up to $250,000.

So - most likely - you will NOT have any taxable income.

Let me know if you need any help.

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