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Personal Finance and Investing

PoindexterOglethorpe

(27,949 posts)

6. Keep in mind that whatever money you realize,

Reply to OAITW r.2.0 (Original post)

Sat May 16, 2020, 01:24 PM

May 2020

it's all pure profit to you. Money you otherwise would not have gotten. Don't fret about having to pay whatever taxes are due. Just appreciate your good fortune.

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I have a question on Real Estate sales and tax implications. [View all] OAITW r.2.0 May 2020 OP

Capital gain tax and ordinary income tax on any recaptured depreciation Cary May 2020 #1

Thanks! I was hoping that my age would give me some kind of taxbreak.... OAITW r.2.0 May 2020 #2

Your lower income may give you lower rates Cary May 2020 #3

Good info, thanks! OAITW r.2.0 May 2020 #4

Ideally, you had the property appraised when you inherited it. 3Hotdogs May 2020 #5

Keep in mind that whatever money you realize, PoindexterOglethorpe May 2020 #6

We know that... OAITW r.2.0 May 2020 #7

One can exclude $250,000 (single) or $500,000 (MFJ) progree May 2020 #8

Not unless it is a primary residence Cary May 2020 #9