

1,668,799
They made it past the 24 month mark. The first $250,000 or $500,000 (if married, filing jointly) would be exempt from taxation. We really shouldn't answer this question but refer them to proper professional. They may have done massive improvements,etc. Not for us Realtors to advise on.
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Debbie Gartner
White Plains, NY
-
Eagle Ridge Real Estat...
Gilroy, CA
-
Nancy Frimann
Gilroy, CA
-
Doug Dawes
Topsfield, MA
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Inna Ivchenko
Encino, CA
-
Michael Jacobs
Pasadena, CA
-
Allie Angeloni
Oro Valley, AZ
-
Fred Griffin Florida R...
Tallahassee, FL
5,206,277
Your CPA will know the answer
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Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Carol Williams
Wenatchee, WA
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Allie Angeloni
Oro Valley, AZ
3,449,001
Consult with your CPA.
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Eagle Ridge Real Estat...
Gilroy, CA
-
Nancy Frimann
Gilroy, CA
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Debe Maxwell, CRS
Charlotte, NC
5,562,808
Exactly what Gary Frimann said - $250K/$500K/2-year rule but, confirm it with the CPA.
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J.R. Schloemer
Louisville, KY
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Doug Dawes
Topsfield, MA
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Carol Williams
Wenatchee, WA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Michael Jacobs
Pasadena, CA
-
John Pusa
Glendale, CA
1,658,468
Same 250k/500k rule: 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.
And as others said: a good CPA who understands property taxes is our best friend in your situation.
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Nancy Frimann
Gilroy, CA
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Carol Williams
Wenatchee, WA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
4,797,731
When it comes to capital gains, people need to contact their tax prepare or financial adviser for consultation for their individual situation.
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Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
John Pusa
Glendale, CA
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Debe Maxwell, CRS
Charlotte, NC
2,719,323
Gary Frimann has the textbook answer. Please confirm it with a CPA or Tax Attorney.
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Doug Dawes
Topsfield, MA
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Carol Williams
Wenatchee, WA
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Allie Angeloni
Oro Valley, AZ
-
Gary Frimann, CRS, GRI...
Gilroy, CA
467,851
Since you do not seem to know this answer, contact a CPA or tax accountant. You could also call the IRS and ask them their opinion on the subject matter.
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Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Allie Angeloni
Oro Valley, AZ
5,568,062
Anyway the CPA sees it. Make the call!
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Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Allie Angeloni
Oro Valley, AZ
5,186,059
Depends on what they paid for it and what they sold it for.
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Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Allie Angeloni
Oro Valley, AZ
5,585,039
that homeowner MUST call a CPA and discuss this financial situation....
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Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Allie Angeloni
Oro Valley, AZ
6,776,892
Seems like a better question for their accountant.
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Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Bob Crane
Stevens Point, WI
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Allie Angeloni
Oro Valley, AZ
5,774,106
Ask your tax person.
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Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
4,421,551
Consult with a local CPA.
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
8,246,655
You have a good answer from Gary Frimann.
Refer your clients to the IRS website and to their CPA for professional advice.
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Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
291,019
My first thought is going to a professional, as it would never be a question I would (or could) answer. Their Accountant or CPA would be their go-to-person.
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Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
5,398,398
Sorry, but I don't provide tax information or advice. Besides, there is not enough information here to even respond propertly.
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John Pusa
Glendale, CA
-
Bob "RealMan" Timm
Minot, ND
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Doug Dawes
Topsfield, MA
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Lyn Sims
Schaumburg, IL
2,565,729
You need to give us a complete equation Blue. We need to know the gain. It could be zero or it could be a zillion dollars.
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Doug Dawes
Topsfield, MA
-
Lyn Sims
Schaumburg, IL
-
Nina Hollander, Broker
Charlotte, NC
-
John Pusa
Glendale, CA
2,231,519
Time to speak with a real estate tax advisor or CPA
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
1,279,663
It depends on how much of the gain is taxable. I think the first $250K if single or $500K if married is not taxed. BUT Call Your Tax Accountant
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John Pusa
Glendale, CA
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Bob "RealMan" Timm
Minot, ND
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Doug Dawes
Topsfield, MA
1,435,718
A question for your CPA
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
1,120,139
Refer them to their CPA or tax attorney. We are not experts on this.
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Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
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Nina Hollander, Broker
Charlotte, NC
4,434,277
I do not answer questions about capital gains and tax consequences
-
Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
1,875,818
Nothing - read up on it.
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Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
4,322,295
Good answer from Gary and few others.
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Bob "RealMan" Timm
Minot, ND
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Doug Dawes
Topsfield, MA
1,713,581
I am sure your real estate teacher can help you on this.
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Bob "RealMan" Timm
Minot, ND
1,643,933
1,598,552
1,547,224
Best to talk with your CPA and financial advisors. Everyone's situation is different and I'm not an accountant and can't give tax advice.
6,058,683
3,988,144
They need to see an accountant as everyone's tax liabilites and situations are different.
3,986,529
930,805
3,224,912
there isn't enought information for an opinion. But if asked by a client I would refer them to a CPA or tax attorney.
Various things could have happened. If they lived their two years, if they bought another home since and live in it, have they rented it.... SO many unanswered questions.
137,685
Can exclude $250,000 ($500,00 if married filing jointly) of Capital Gain if:
if one owned the home for 2 years during the 5 year period ending on the date of sale.
used the home as principal residence for 2 years in the last 5 years ending on the date of sale
the individual did not exclude gain from another home during the last 2 years ending on the date of sale.
The purchase of anothe home as no effect.
428,457
There isn't enough information to answer. Did they live in the home they purchased? Did the rent out the home they purchased? But in the end,..... a CPA is the right person to ask.
2,260,294
1,482,736
Possibly no impact at all but it depends on a number of factors best explained by a tax professional.