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I SOLD MY HOME IN UTAH IN AUGUST 2017. I PURCHASED IT IN…

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I SOLD MY HOME...

I SOLD MY HOME IN UTAH IN AUGUST 2017. I PURCHASED IT IN 1995. PURCHASE PRICE WAS 179,000 AND SELLING PRICE WAS 305,000. i HAVE MOVED TO FLORIDA AND LIVE WITH MY DAUGHTER SO WILL NOT PURCHASE ANOTHER HOME. WHAT IS MY TAX LIABILITY ON THE SALES ?

Accountant's Assistant: I love the idea of making big money with investments, but there are so many things that could go wrong. The Accountant will be able to help you. Is there anything else the Accountant should be aware of?

I AM 81 YEARS OF AGE AND HAVE NOT HAD TO FILE FOR THE PAST 2 OR 3 YEARS DUE TO LOW INCOME.

Submitted: 1 month ago.Category: Tax
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Answered in 4 minutes by:
3/9/2018
Tax Professional: Lev, Tax Advisor replied 1 month ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,744
Experience: Taxes, Immigration, Labor Relations
Verified

You are eligible to exclude the gain from selling your home - as long as that gain is less than $250,000 - for a single person.

Requirements fro exclusion are to own and use the property as your primary residence at least two out of last five years before the sale.

You are NOT required to purchase another home.

That requirement was in the old law - before 1997.

Under the current law - you may use proceeds as you wish - and still may be eligible for the exclusion.

Let me know if you need any help.

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Tax Professional: Lev, Tax Advisor replied 1 month ago

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all Social Security / Tax related issues
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