If I am 78 years old, do I have to report the sale of my home to the IRS?
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If I am 78 years old, do I have to report the sale of my home to the IRS?
Asked on June 9, 2012 under Real Estate Law, Indiana
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you have a capital gain on your home, even at 78 years of age, you have to report the gain to the IRS. However, if the gain is less than $250,000 and you are a single person, you may not have to pay any income tax on this gain from your principle residence.
To be sure, I suggest that you consult with a tax attorney who practices in the area of real estate law.
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