I am permanently disabled and on social security. I also returned to her $3500.00 of my half so she could pay her car off.
2007-09-24 15:25:20 · 3 answers · asked by ginger 1 in Business & Finance ➔ Personal Finance
to clarify you must live in the house 24 or the prior 60 months
in most cases that is a given but i wanted to clarify
2007-09-24 16:23:43 · answer #1 · answered by goobar121 2 · 0⤊ 0⤋
All that other stuff is not relevant .
If you occupied the home for more than 24 months ,
The first $250K is not taxable .
If you lived less than 24 months or gained more than $250K , you will pay taxes .
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2007-09-24 15:51:56 · answer #2 · answered by kate 7 · 0⤊ 0⤋
You can treat it as a sale of your personal residence and take an exclusion of the first $250,000 profit.
2007-09-24 15:31:01 · answer #3 · answered by Anonymous · 0⤊ 0⤋