My townhouse/condo burned down on December 30, 2021 (Marshall Fire - Louisville, Colorado). A family member sent me money to buy a new home while the condo was being rebuilt using HOA insurance money. Almost 3 years later, it was rebuilt and I listed it and sold it within 2 months of getting the house keys (12-16-2024). I never moved into the condo after it was rebuilt and it has not been my primary residence since it burned down. As soon as the net sales was wired to my bank account by the title company, I wired the entire amount to the relative who had paid for my new primary residence a month after the fire. The title company already sent me the 1099-S for the Capital Gains. QUESTION: DO I STILL PAY CAPITAL GAINS? My annual income is just under $50k and I am 70 years old. I cannot find an available CPA to help me with this. I plan to use TURBOTAX to do my taxes as I have done for the past 20 years.
