Buying or Selling a Home/Selling our house

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Question
I am 67 and my husband is 71.  We are planning to sell our house.  There will not be a lot of profit, maybe 10,000.  Will we have to claim this for tax purposes and pay taxes on this?

Answer
Not very likely, Donna. If you've been in your house for two of the last five years you're allowed up to a $250,000 tax gain. My bet is that you do not have to worry about taxes, especially if you use your net gain to buy your next house. I wish you well.

Dick Dennis
dixiedee13@gmail.com

Buying or Selling a Home

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Dick Dennis

Expertise

With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.

Experience

Solving real estate problems for 37 years.

Organizations
National Association of Realtors

Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers

Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate

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