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re: If I sold my house, do I have to show it?
Posted on 1/23/21 at 4:30 pm to oldcharlie8
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
2
Posted on 1/23/21 at 5:04 pm to LSURussian
quote:
ETA: What kind of house sells for only $80,000?!?
This one did. Why the frick do you care? What an a-hole question.
Posted on 1/23/21 at 5:04 pm to LSURussian
You're about to learn about recaptured depreciation very soon. Prepare thy anus!
Mortgage has nothing to do with your cost basis, your long term capital gain (on which you'll pay long term capital gains tax) will be calculated based on sales price minus your current cost basis, which is your original cost basis minus all 7 years of depreciation you've claimed on your schedule E.
Get ready to write a big check, Biden and Harris thank you!
Seriously, you received a 1098-E form from the closing agent verifying the gross sales price among all the other closing documents, a copy of which also goes to the IRS, so they'll be waiting for your accounting of the sale and recaptured depreciation on your tax return.
Mortgage has nothing to do with your cost basis, your long term capital gain (on which you'll pay long term capital gains tax) will be calculated based on sales price minus your current cost basis, which is your original cost basis minus all 7 years of depreciation you've claimed on your schedule E.
Get ready to write a big check, Biden and Harris thank you!
Seriously, you received a 1098-E form from the closing agent verifying the gross sales price among all the other closing documents, a copy of which also goes to the IRS, so they'll be waiting for your accounting of the sale and recaptured depreciation on your tax return.
This post was edited on 1/23/21 at 5:10 pm
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