Sale of a home that was quick claim deeded to me
Upon selling a home that was quick claim deeded to me how will the proceeds from that sale be taxed? Will I have to claim the entire amount as earned income ?
Terry Says
You need to consult a tax professional. Was this your residence? If so, you get a $250,000 exclusion on gains — if you lived there for 2 years. Was this a rental and did you take depreciation? That’s another tax question. I don’t know what your “basis” is in this house or why it was given to you. but one thing is sure: It is not taxed as earned income!