Capital gains on home at beach not rented out
Just sold vacation home at beach after husband died (3 yrs) but capital gains very high. Have lymphedemia from cancer & want to know if there’s a disability factor in paying capital gains. Is there a form that I can get my doctor to sign.? Just had 4 mos of PT because my legs were swollen and full of sores. This comes back. Thank you
Terry Says
Sorry, but since it was not your personal residence, you have to pay capital gains, which are at the lowest tax rate. Make sure you add any improvements to your “cost basis” — so the amount of the gain is reduced. Hope you feel better.
