Ask Terry Questions If I owe on taxes because of sale of home

If I owe on taxes because of sale of home

By Terry Savage on February 08, 2016 | Housing / Real Estate

My husband 69 and myself 66 sold our home of 44 years. We paid 110 sold it for 490,000. We took a reverse mort. In 2013 when we sold in February 2015 we paid everything off and got about 135,000. Bought a condo for 101,000 do we owe the gov anything all are in come is social security do we need to go to h&r block??

Terry Says:   It doesn’t matter whether you bought another house or not.  When you sell  your primary residence, each owner gets a tax-free gain of $250,000.  So you and your husband could “shelter” a half million dollars worth of gains!  However, you should go to an expert tax preparer to make sure everything is filed correctly because of the repayment of the reverse mortgage.  Even H&R Block might not be familiar with how to handle this, so ask for someone with real estate experience to do your taxes.



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