Sale of homeI made a profit of $27,000.00 on a home. How much do I need to claim on our income tax?

Question

Sale of home

I made a profit of $27,000.00 on a home. How much do I need to claim on our income tax?

Answer

Re: Sale of home

It depends. Did you live in the house for at least 2 out of the last 5 years? If you did, you may not have to pay any tax. If you lived there for less than 2 years, you sill might be able to avoid the tax, depending on why you sold. These questions are only the tip of the iceberg, there are many more that need to be asked.

You should consult a CPA or a tax attorney.