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Sale of a home that was quick claim deeded to me

By Terry Savage on March 31, 2021 | Financial Planning / Retirement

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!

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