Do I Pay Taxes On My Sale?
Q. I built a new home in Tamaya in 2017 but need to sell due to health reasons. Will I have to pay taxes on the sale?
A. Realtors are advised to never give tax or legal advice so I suggest you discuss this matter with your accountant or CPA. However, as part of your closing paperwork you will be required by the IRS to complete a form that asks whether you occupied the home for two of the last five years as your principal residence, that you have not sold or exchanged another principal residence during this time period, that your home has not been rented or used as a home business, and your gain is no more than $250,000 as a single filer or $500,000 if filing jointly. If you answered yes to these questions, chances are you may not have a taxable event. Good luck with your sale and get better soon.
Have a real estate question or need some sound advice? Call or text Phyllis Staines at (904) 476-7653 or email firstname.lastname@example.org. Every question will receive a response and may be chosen to appear in Saturday's Times Union newspaper.