QUESTIONS? CALL: +1 (727) 847-2288
  • Meet our Staff
  • Attorney Profiles
  • Schedule an Appointment
  • Download Forms
  • Client Pay

Law Office of Roland D. Waller - Probate and Real Estate Attorney - New Port Richey, Florida

Law Office of Roland D. Waller - Probate and Real Estate Attorney - New Port Richey, Florida

Our firm takes a genuine interest in our clients, understands their objectives and meets or exceeds their expectations in a timely manner. We strive to provide superior legal services and maintain the highest standards of professional integrity.

T (727) 847-2288
Email: contactus@rdwaller.com

Law Office of Roland D. Waller
5332 Main Street
New Port Richey, Florida 34652

Open in Google Maps
  • Real Estate
    • Title Insurance
    • Contract to Closing
    • Contract Preparation & Review
    • Deeds
    • Buyer Representation
    • Seller Representation
    • Loan Modification Agreements
    • Mobile Home Title Transfers
    • Vacation of Easements
    • Rezoning
    • Mortgage & Note Preparation
    • Leases with Option to Purchase
    • Leases – Residential & Commercial
  • Probate
    • Trust Administration
    • Estate Administration
  • Estate Planning
    • Avoiding Probate
    • Medicaid Planning
    • Designated Health Care Surrogate
    • Durable Power of Attorney
    • Trusts
    • Wills
  • Elder Law
    • Guardianship Advocacy
    • Guardianship
    • Medicaid (Nursing Home) Planning
    • Special Needs Trust
    • Healthcare Surrogate
    • Durable Power of Attorney
  • Litigation
    • Condemnation
    • Boundary Dispute
    • Partition Action
    • Suit to Quiet Title
    • Defendant
    • Plaintiff
    • Eminent Domain
    • Land Use & Zoning
    • Contract Disputes
    • Evictions / Collections
    • Loan Modification
    • Foreclosure / Foreclosure Defense
  • Corporations
    • Preparation of Corporate minutes
    • Formation of Corporation or LLC
    • Partnership Agreements
    • Corporate Contract Preparation & Review
    • Purchase of Business
    • Sale of Business
  • Videos
    • About Us
    • Estate Planning
    • Guardianship
    • LLC’s and Corporations
    • Medicaid Planning
    • Probate
    • Real Estate
    • Real Estate – Buying
    • Real Estate – Selling
    • Real Estate – Foreclosure
  • Testimonials
Thursday, 11 September 2014 / Published in Real Estate, Videos

Will I Owe Income Tax if I Sell My Home for More Than I Paid for It?

 

Video Summary

 

Will I owe any income tax if I sell my home for more than what I paid for it?  I have to ask a question of you to be able to answer it and the answer’s probably no.  Have you owned the property and resided in it for two out of the past five years?  If so, you can then exempt from any sale $250,000.00 and if you own it with another party or husband and wife, you can exempt up to $500,000.00.  The sale does not have to be reported to the Internal Revenue Service. However I believe on your tax return there is a box that you have to indicate whether you sold your residence.

 

You also have to state that you haven’t taken this exemption also in the past, I forget how many years, but you can’t double dip if it’s a second marriage or a second home or residence.  So usually you do not have to pay it, however if you have not owned it and lived in it for two out of the past five years and you sell your home, then you will have to pay long term capital gains on it if you’ve owned it for more than I believe it’s six months or a year.  But you do have to pay tax.  Unfortunately if you sell it for less then what you paid for it, well then you do not get to take a loss because it’s not an investment property.  You only have to pay on the gain.

 

Also this is a question that comes up many times when someone short-sells their property.  And so if you sell it for less than what you paid for it and then your lender gives you a 1099 of whatever the gain is, you can offset the whatever gain the lender gave you a 1099 for against the sales price and your loss so you won’t have any income tax liability and you also may be able to exempt the transaction under the two year living there and owning it for two out of the past five years.

 

So if you have any questions on it or want to sell your home, well give me a call at 727-847-2288.

FEATURED VIDEOS

  • How Does A Lender Determine A Borrower’s Eligibility For A Loan Modification?

  • How Many Loan Modifications May A Borrower Receive?

  • When Is An Estate Too Small For Probate?

  • What Estates That Need Probate And Those That Don’t?

  • I Have No Mortgage On My Condo, But I Owe My HOA 10,000. Notice of Sale Issued. Will I Lose My Condo?

  • Having Trouble With My Homeowner’s Insurance They Denied A Claim, What Can I Do?

  • Why Would My Spouse Have To Sign If I Am Going To Live On The Property?

  • What is Estoppel Letter?

RELATED VIDEOS

About Us About Waller education real estate Waller
SUGGEST A VIDEO TOPIC

SIGNUP FOR NEW VIDEO NOTIFICATIONS

Keep up to date with our videos. We will notify you of any new video added via email.

Quick Links

  • Buyer Representation
  • Contract to Closing
  • Deeds
  • Leases w/ Option to Purchase
  • Leases – Residential & Commercial
  • Loan Modification Agreements
  • Mobile Home Title Transfers
  • Mortgage & Note Preparation
  • Contract Preparation & Review
  • Rezoning
  • Estate Administration
  • Trust Administration

Our Misson

“We Care”

Signup for our Newsletter

GET IN TOUCH

Tel: +1 (727) 847-2288
Fax: +1 (727) 848-4183
Toll Free: +1 800-304-2288
Email: contactus@rdwaller.com

Law Office of Roland D. Waller
5332 Main Street
New Port Richey, Florida 34652-2509

Open in Google Maps

  • Legal Terms
  • Website User Agreement
  • Privacy Policy
  • Legal Notice
  • GET SOCIAL
Law Office of Roland D. Waller - Probate and Real Estate Attorney - New Port Richey, Florida

© COPYRIGHT 2010-2021 RDWALLER.COM

TOP