@texastrader58 wrote:
We purchesed my deceased parents house for cash in 2015 for 16,298.08 .
I read on this website, if its not over 500,000 (married) we dont have to pay taxes on the sale.
Can you clarify your "purchase" of the house? Did you "inherit" the house (after both parents died) and just paid off the mortgage (or some other payment of $16,298)?
The $250,000/$500,000 rule only applies if it was your Principal Residence, so that does not apply.
