Question:

Anita sold for $60,000 her home that she purchased ten years ago for $20,000.

by  |  earlier

0 LIKES UnLike

She then purchased another home a month later for $70,000. The taxable amount of her capital gain is?

 Tags:

   Report

3 ANSWERS


  1. ZERO.  You have to have more than $250,000 profit to have any tax you have to pay.


  2. If it was her primary residence I believe that the taxable gain would be zero.

    See IRS publication 523, page 10 on Excluding the Gain.

    http://www.irs.gov/pub/irs-pdf/p523.pdf


  3. Nothing-  if it is her primary home, and she has lived there for more than 2 years, then the capital gains do not have to be taxed, up to $250k.

Question Stats

Latest activity: earlier.
This question has 3 answers.

BECOME A GUIDE

Share your knowledge and help people by answering questions.