Q: I sold a second home with a net profit of $187,000. I don’t pay income taxes because my income is tax free. Do I have
To pay capital gains taxes?
A: I would guess that you do, but the person you want to consult with on this is an accountant/CPA.
Terrence H Thorgaard agrees with this answer
A: I would also question your statement that you "don’t pay income taxes because my income is tax free". It's usually not that simple; how is all your income tax free? consult with a tax professional to determine if you need to file a return.
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