Hi. I benefited on buying a "family" home in 2018 in what I guessed to be a neighborhood set for regentrification. I bought the home with cash from the sale of my St Pete home in 2018 and final payment in cash from sale of the Miami home in 2024. Together it came to $100k. In 2024 I only made $4600 in income from work. But sold the Miami house in July for $473k.
As a single person who lived exclusively in the Miami home as my homestead from 2018 until 2024 sale I believe my "capital" gain is $123k.
In January of 2025 I started collecting Social Security. I was first paid in January - but it covered November and December of 2024. I'm getting $1,223 monthly now. Im 62 - 63 in 2025. I do not believe because of my previous career and current illness that I will have other income in 2025.
I plan to file an extension for 2024 taxes.
But Im wondering what will be taken monthly from my social security and for how long to make up for my "wise choice" in 2018? (That $173 capital gain.) Thanks - Id worry less if I could make a plan and prepare.
**I had been told - wrongly - by many people that because it was my homestead and I lived there in the last 2 years that I wouldnt even have to report it. However I do have that 1???-S form and I know better now.)
