Kerry M. Kerstetter, CPA (referred to as The Tax Guru by other CPAs around the country) helps capitalists, investors & small business owners win the tax game. See www.TaxGuru.org for much more detailed info.
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Tax Guru-Ker$tetter Letter
Wednesday, August 31, 2005
Home Sale Due To Financial Difficulty
Q:
Subject: sale of home
If I own a home for less than 2 yrs (more than one year), and need to sell due to financial reasons...meaning I'm unable, as a single able to maintain the home's expenses, what are the tax consequences on the gains. I'm estimating gains to be around $50,000. Current earnings vary and she'll probably earn around $40,000 on income from employment. At what rate does she have to pay the tax on the gains, and is there some way around having to pay that tax? Thanks
A:
You should consult with a tax pro and go over your reasons why you are no longer able to afford your home. If it is because of an unforeseen event, such as losing your job or an illness, you will qualify for the pro-rated exclusion of gain.
You can see more on this on my website.
Good luck.
Kerry Kerstetter
Follow-Up:
thank you
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 8/31/2005 08:21:00 PM Send this post:
