Sold house that was Quit claimed to me 5 years ago by my mother. Wanted to make sure I am claiming correctly. I was not in the house for 2 years out of 5 but I can show it was my "place of residence" for the 8 months I was living there caring for my mother. I have all the home improvements listed and calculated my partial resident exemption. I based the taxes off of long term. 15% fed and 9.9% state. I used the federal form to figure my adjusted credit against the 250,000. I am using what my mother originally paid for the property. Anything that says uploaded was uploaded to the state website the year the work was completed so all of the improvements are on record or receipted.
| Capital Gain worksheet | |
| Amount paid for property (not including mobile) | $67,000.00 |
| Home improvement costs | |
| 1 New heat pump (Uploaded for assessment ******** county) | $8,182.00 |
| 2 New Fireplace (" Uploaded...") | $3,500.00 |
| 3 New Cabana (" Uploaded...") | $31,000.00 |
| 4 Roof Cover /Lean to (" Uploaded...") | $9,450.00 |
| 5 | $0.00 |
| 6 Awning over deck, handicap stairs @ rails (" Uploaded...") | $16,740.00 |
| 7 New well and filtration (receipts) | $9,200.00 |
| 8 Roofing barn and well house (receipts) | $2,596.00 |
| 9 Gutters (receipts) | $1,045.00 |
| 10 closing costs (receipts) | $23,676.18 |
| 11 Mobile home on property (20K) (Bank Verified) | $20,000.00 |
| 12 | |
| 13 | |
| 14 | |
| 15 | |
| Sold house for | $285,000.00 |
| | |
| Adjusted tax base | $92,610.82 |
| Owed Taxes before partial exemption | $23,152.71 |
| Partial Exemptions (mother required to move into facility) Primary resident minimum 8 months over 5 years to care for mother. Partial against $250,000. | $83,333.33 |
| Adjusted tax base with partial exemption | $9,277.49 |
| Actual owed Taxes | $2,319.37 |
