Q: I sold my house i lived there for 8 years i sold it for less then 250,000 do i have to pay capital gains
A:
Generally, no. there is an exclusion in IRC 121 that protects you. It is nice when something works out. See my website and share it.
http://taxbizlawyer.com/tax-attorney-orange-county.htm
A: You can show it on schedule D, and exclude it under section 121 as my colleague Mr. Moore correctly stated. However, based on your facts, it is not required.
A: If you live in your primary residence for 24 out of the last 60 months, you can exclude up to $250,000 of the gains as one single person and $500,000 as married filing jointly. Good luck. Zaher Fallahi, California Tax Attorney, CPA.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
