Date: 5 Jul 2004
What is the percentage of the taxes you have to pay on the money you get from selling your own home if you are a single male widower?
Date: Fri, Jul 30, 2004
It depends on the details of your situation. The residence should receive a basis adjustment as of the date of death of your wife, which could eliminate all gain at that point. You should qualify for the $250,000 exclusion for the sale of a principal residence if you have lived in the home during at least two years of the last five years before the date of sale. I'm hoping there will be no tax. If you have a taxable gain, the maximum federal tax rate (assuming no business use of the home or depreciation previously claimed) for long term capital gains is now 15%.
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