Sale Mixed
Posted in Arts and Crafts on 12/14/2009 11:23 am by adminSale Mixed
what is the current rule on tax returns with a home sale?
I’m getting mixed and outdated results from a search on taxes paid on the gains from a home sale.
My father sold his house for $165,000.
Isn’t there a $250,000 limit, so he’d pay no taxes?
If he owed taxes where to claim them? (the gains)
Thanks
the IRS said it indeed, does need to be reported using “anything” to show value at the time of inheirtance, such as the property tax receipt, showing the tax assessed value.
There is a $250K exclusion on the capital gains resulting from the sale of a primary residence. Since the sale price was $160K, then any capital gain could be excluded. (Note, there are some restrictions – he had to have lived there for long enough, for example.)
You report the sale on Schedule D. You also enter the exclusion on Schedule D.
See Publication 523 for more detail
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Cotton Canvas Craft for Less Webbing material 1Yard Wholesale 1.25″ Mix Lot Sale $4.75 |
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Cotton Canvas Craft for Less Webbing material 1Yard Wholesale 1.25″ Mix Lot Sale $4.75 |
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Cotton Canvas Craft for Less Webbing material 1Yard Wholesale 1.25″ Mix Lot Sale $4.75 |
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Cotton Canvas Craft for Less Webbing material 1Yard Wholesale 1.25″ Mix Lot Sale $4.75 |
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