If I sold my house in June 2009, do I still get the $250K exemption on my taxes for that year?

Similar questions: sold house June 2009 $250K exemption taxes year.

If you are single, you get a $250,000 capital gain exclusion on you taxes for 2009 You can exclude $250,000 of profit from the sale of your home if you are single and $500,000 for you and a spouse, (if you are married. ) You must pass the ownership test, the use test, and gain exclusion from the sale of another home. The ownership test states you must have owned the home for at least 2 years.

The use test states you must have lived in the home as your main home for at least 2 years. During the 2 year period ending on the date of the sale, you did not exclude gain from the sale of another home. If you owned and lived in the home as your main home for less than 2 years, you can still claim an exclusion in some cases, but the amount will be reduced.

irs.gov/publications/p523/ar02.html#en_U... So, for example, you bought your home for $200,000 and sold it for $450,000. You would owe no capital gain tax on your home. But, if you sold the home for $550,000 you would owe capital gain tax on $100,000, and depending on your tax bracket, that could be anywhere from 0% if you are in the 15% tax bracket or less or 15% in you are in the 25% bracket and above.

You also need to do the calculation to determine your basis in the house. irs.gov/publications/p523/ar02.html#en_U.... This way you can be sure to get the maximum allowable amount of exclusion.

If you buy another house, and meet the use tests mentioned above, you can take the exclusion again. You can do this every two years. Remember this is a capital gain exclusion on the sale of a home, not an income exclusion on wages, dividends, interest earned, etc..

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Will I have to pay taxes on this money?

My step dad past away without a will, they took the house for one year unpaid property taxes, my mom cant do anything be.

The property value for my house has fallen significantly, but not my property taxes. Shouldn't they be lower?

Do I have to pay income taxes on this money.

My father just died and had sold his house and had put it into a trust. Will I have to pay taxes on this money?

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