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Capital Gains

Forum|Forum|4 years ago
April 6, 2022
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I’m a 79-year-old widow on fixed SS income. We paid $210,000 for our 2-story home in 1995. I own it free and clear. I want to sell it, invest the capital gains, move to a rental in Maui where my daughter lives. The current market value is $700,000. Less $210,000 = $490,000 of which $250,000 is tax exempt, as I understand it. So I will then owe capital gains tax on $240,000, correct? Is there any way for me to avoid paying it?

Best answer by MinhT1

Yes, you are correct.

You will have to pay taxes on your long-term capital gain of $240k, which is taxed at 15% ($36k). There is no way to avoid paying it.

MinhT1Answer

Yes, you are correct.

You will have to pay taxes on your long-term capital gain of $240k, which is taxed at 15% ($36k). There is no way to avoid paying it.

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Ask a CPA. There may be a medical reason that you need to move that would help you.