Question

sale of home

Forum|Forum|5 years ago
April 13, 2021
1 reply
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My Mother-in-law sold her home in 2020 because she is living in a skilled nursing facility. She built the home in 1966 and I don't have the purchase price. Her taxes are coming up that she owes over $20,000. Isn't there a one time capital gaines with no tax? And what do I do about the purchase price

VolvoGirl

Employee

Is she Single? How much was it sold for? The rule is.......For a primary home, if you owned and lived in your house for 2 out of the last 5 years on the date of sale when you sell you can exclude the gain up to $250,000 for single or 500,000 for married from tax.