Does the money from the sale of my house need to be taxed?
I did not have a mortgage and I sold my house. Is this considered profit that must be taxed?
Answered By: E. Ray Critchett, Zaino & Humphrey, LPA
The answer will depend on a variety of facts; however, you may be able to exclude the profit from your taxable income if: you have owned the home and lived in the home for a minimum of two years and it must have been your principal residence. If this is true, you may be able to exclude up to $250,000 in profit from the sale of a main home. I would recommend speaking with a tax attorney and/or your CPA prior to selling the home so that you are fully aware of the tax implications.
You may contact our office to schedule an appointment if you have further questions or if you need assistance with this issue.
Answer Applies to: Ohio
Replied: 9/7/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
You may contact our office to schedule an appointment if you have further questions or if you need assistance with this issue.
Answer Applies to: Ohio
Replied: 9/7/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Law Offices of James C. Bechler, A.P.C.
Taxable income includes the Gain from selling your home. Take Selling Price (minus selling expenses) minus original Purchase Price (plus any improvements) = Gain. (could be long term gains or short term gains- AND would be nontaxable if you lived in home 2-5 years (up to $250,000, if single- $500,000, if married).
Answer Applies to: California
Replied: 8/22/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 8/22/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
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