NEWSLETTER
Find Senior Care (City or Zip)
✕
ASK A QUESTION
FIND CARE
FIND IN-HOME CARE
FIND ASSISTED LIVING
CARE GUIDES
CAREGIVING TOPICS
Join Now
Log In
Caregiver Forum
|
Taxes
|
Questions
S
Summer12
Asked May 2015
Does my Mom (79) have to pay capital gains tax on rental property?
She is selling that is not her primary residence.
Taxes
2
Answers
Most
Helpful
Newest
First
Oldest
First
C
Chicago1954
May 2015
We did and it was substantial. $14,000, if I recall.
Helpful Answer (
0
)
P
pamstegma
May 2015
Yes indeed she does, only a primary residence is granted some mercy by the IRS. You can expect a percentage taken out at closing and of course you keep those records for doing her annual tax return. Get a good tax preparer to help.
Helpful Answer (
0
)
ADVERTISEMENT
ADVERTISEMENT
Recent Questions
Where can I find out how to do payroll taxes on an in-home caregiver?
Mom would like to pay several friends who will sit with her while I'm at work. Does mom have to report anything come tax time for this?
Is the monthly money mom pays us to live with us and take care of her 24/7 need to be claimed as income on a tax return?
Popular Questions
How do you file income taxes for a deceased parent?
I am employing a caregiver to give 24/7 care for my sister. Is a 1099 the only tax form I will need?
What percentage of non-family live-in caregivers work without written contracts? Is it common?
Related Questions
My Mom needed a new mattress because the ALF she's in doesn't provide them. Can I claim that expense on my taxes?
If I pay for my Dad's independent/assisted living, is that subject to gift tax?
When medical expenses exceed 7% of your adjusted gross income, you can claim the expense on your tax return?
Can I claim my Mom on my taxes even when she has an income?
Ask a Question
Ask a Question
Post Question
Subscribe to
Our
Newsletter
Enter Your Email
Sign Up
2 Answers
Helpful Newest
First Oldest
First
ADVERTISEMENT