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Okay, My Mom recently moved to a retirement home. My family wants her to sell the house and I want to hire a property manager and rent it out to provide her with additional income. I need to find out how much she would pay in taxes if she sells her home. Her annual income is around 35K a year. The house would sell for 500K to 600K.

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I don't know - what else could impact the answer?

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Answered in 2 minutes by:
3/9/2018
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,768
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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Hello!

My name is***** will assist you today.

Please give me one moment while I review your question and type my initial response

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To answer your question I will need more information about the home.

Was the home your mothers primary residence for at least two out of the previous five years?

Or was the home a second home or rental property?

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Customer reply replied 5 months ago
She's lived there for 63 years.

Thank you for that information.

Your mother will generally qualify because the home was her primary residence to exclude $250,000 (or $500,000 if she files Married filling jointly) from her income.

Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,768
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified
Chad EA, CDFA®, CFP® and 87 other Tax Specialists are ready to help you
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We also need to determine her cost basis in the home before we would be able to determine capital gains tax.

Your mothers cost basis, is the price she paid for the home originally plus her improvements over the 63 years she owned the home

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