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Caregiver Forum
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Taxes
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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
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C
Chicago1954
May 2015
We did and it was substantial. $14,000, if I recall.
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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.
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