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AGI LEVEL THAT TRIGGERS 0% CAPITAL GAINS TAX RATE FOR SALE OF RESIDENCE
I am preparing returns for 83 year old uncle. He sold his home in 2022 for about $500,000 (cost basis about $75,000). His AGI is about $9,000 and has $0 taxable income. With such a low income level will he have to pay any CGT at all? I am using the Deluxe version of TurboTax -- how do I include this sale/gain matter using this version? Background info: he had to sell his home to move into a mental health facility; is on Medicare; has no supplemental insurance. To have to pay a large CGT will further deplete his home sale proceeds, from which he pays about $10,000 per month for his care (a soon-to-be dire situation). HELP, Please!
March 12, 2023
2:52 PM