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Wednesday, October 24, 2007

And The Answer Is ~

Ask AC Associates and you will receive an answer...

I received a question concerning Capital Gains from a gentlemen selling a home in Florida. See below for the Q&A:

Hi ! I hope all is good with you. If you don't mind a question regarding the sale of a house.It belongs to my parents,they live in Florida,2 family,I live on 1st floor have power of attorney and selling by owner.Is it true they do not have to pay capital gains if sold under 500k ?

Thanks,
Orlando


Hi Orlando,
Although I am not an expert in this field, I believe when you sell your primary residence, you can make up to $250,000 in profit if you're a single owner, twice that if you're married.This is not determined by what the house is sold for, but rather what the profit is. How much profit would they gain? Do they own the house outright?

I would advise seeking a real estate attorney to confirm.

I hope I have helped in understanding capital gain tax.

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