Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 09-22-2016, 03:50 PM
Junior Member
 
Join Date: Sep 2016
Posts: 2
Would I have to pay income tax if I sold this home?

Hello, we lived in a home that we purchased in 2006. Lived in it through April of 2013. We tried to sell but couldn't so we entered a 3 year rent to own agreement in December of 2013. The home should close by December 2016. I did see that If you owned and lived in the place for two of the five years before the sale, then up to $250,000 of profit is tax-free. If you are married and file a joint return, the tax-free amount doubles to $500,000. The law lets you "exclude" this much otherwise taxable profit from your taxable income.

However, in the past 5 years since 2011- we lived in 2011, 2012 and part of 2013. This being said, I wouldn't owe taxes on the profit correct? I'm thinking no but I just wanted an expert to tell me for sure. thanks

Edited. - Actually 2011 probably wouldn't count- I guess that would be more than 5 years ago. We lived in 2012 all year and 4 months of 2013. But, the lease to own agreement didn't get signed until December of 2013.


Last edited by mychelley201 : 09-22-2016 at 03:53 PM. Reason: years are wrong.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 09-23-2016, 08:07 AM
Junior Member
 
Join Date: Sep 2016
Posts: 2
really asshole?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
calculating gain on sold mobile home justapuddle Capital Gains 3 03-25-2016 11:26 AM
Estimating CG for Widowed Retiree who just sold his home ItsAllGreek Capital Gains 1 04-15-2014 09:25 AM
how to report sold a property used as main home and rental ojaitax Sole-Proprietorship 7 03-31-2013 05:20 PM
Home was rental for 5 months, now sold: Taxes? Lynnmcd Homeowner Tax 1 06-20-2011 08:45 AM
Home deeded to me sold kalh669 Capital Gains 0 03-01-2010 11:37 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.