Taxed or Not
Hi, my question is regarding taxes for my mother. She is 64 years old, living on Social Security. If she makes over a certain amount each year, she has to pay taxes on that amount. She is selling her house and she is going to receive money at closing. Will she have to pay taxes on the money she receives? If so, would that be consider part of her income for that year?
Asked on 12/26/06, 1:50 pm
1 Answer from Attorneys
Re: Taxed or Not
A sale of her residence would only be taxable to her if the gain on the sale of the house (the difference between what she bought it for and is now selling it for) is over the exemption amount of $250,000.
E.g. if she bought the house for $50,000 and is now selling it for $300,000, she would not be subject to tax on the sale.
Answered on 12/27/06, 4:40 pm
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