- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Q. Does she still need to pay the taxes on the remainder of proceeds?
A. Yes, if her capital gain is greater that $250,000, she will pay income tax at capital gains rates on the excess (the gain over $250,0000). Using the money to pay nursing home, or other medical expenses, does not matter (other than that she may be able to claim itemized medical deductions).
‎December 5, 2019
1:24 PM