Ask Terry Questions capital gains on sale of home

capital gains on sale of home

By Terry Savage on January 09, 2015 | Housing / Real Estate

I’m a disabled widow with an income of $12,000 a year I sold my home for 35000 do I owe the IRS any money

Terry Says:  No.  Each person has a $250,000 capital gains exclusion on the sale of a residence –and it can be used every time you sell a personal residence.  So I’m sure you do not need to pay taxes.  BUT,  I would ask for help in filing your tax return to make sure that this sudden influx of money from the sale does not impact any other benefits (ie disability, food stamps, etc) that you might now be receiving.



a personal
finance question