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re: If I sold my house, do I have to show it?
Posted on 1/23/21 at 4:23 pm to arseinclarse
Posted on 1/23/21 at 4:23 pm to arseinclarse
Lived in it for 7 years. Sold for 80k. Owed 50k. Paid off the 50 and banked the rest. Do I have to show as income?
2
Posted on 1/23/21 at 4:30 pm to oldcharlie8
quote:The difference between sales amount and what you owe on the mortgage is not income.
Sold for 80k. Owed 50k. Paid off the 50 and banked the rest. Do I have to show as income?
You probably need a tax preparer to help you with your taxes.
ETA: What kind of house sells for only $80,000?!?
This post was edited on 1/23/21 at 5:00 pm
Posted on 1/23/21 at 6:50 pm to oldcharlie8
quote:
Sold for 80k. Owed 50k. Paid off the 50 and banked the rest.
You are good, no capital gains tax.
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