https://ttlc.intuit.com/community/taxes/discussion/my-father-sold-his-house-in-december-2017-and-moved-to-assisted-living-must-he-pay-a-penalty-for/01/165443#M67937 <P>My father is 89 yrs., retired and disabled.<BR /></P> Sat, 01 Jun 2019 13:43:24 GMT votaxman45 2019-06-01T13:43:24Z https://ttlc.intuit.com/community/taxes/discussion/my-father-sold-his-house-in-december-2017-and-moved-to-assisted-living-must-he-pay-a-penalty-for/01/165443#M67937 <P>My father is 89 yrs., retired and disabled.<BR /></P> Sat, 01 Jun 2019 13:43:24 GMT https://ttlc.intuit.com/community/taxes/discussion/my-father-sold-his-house-in-december-2017-and-moved-to-assisted-living-must-he-pay-a-penalty-for/01/165443#M67937 votaxman45 2019-06-01T13:43:24Z https://ttlc.intuit.com/community/taxes/discussion/if-your-father-owned-and-lived-in-his-home-for-two-of-the/01/165446#M67938 <P> <SPAN>If your father owned and lived in his home for two of the five years before the <B>sale</B>, then up to $250,000 of capital gain is tax-free. If he is married and file a joint return, the tax-free amount doubles to $500,000. The law lets him "exclude" this otherwise taxable profit from his taxable income.</SPAN> </P><P> <SPAN>Please read this TurboTax article for more information:<BR /></SPAN> </P><P> <SPAN> <A href="https://turbotax.intuit.com/tax-tips/home-ownership/tax-aspects-of-home-ownership-selling-a-home/L6tbMe3Dy" target="_blank">https://turbotax.intuit.com/tax-tips/home-ownership/tax-aspects-of-home-ownership-selling-a-home/L6t...</A> <BR /> </SPAN> </P><BR /><BR /> Sat, 01 Jun 2019 13:43:26 GMT https://ttlc.intuit.com/community/taxes/discussion/if-your-father-owned-and-lived-in-his-home-for-two-of-the/01/165446#M67938 MinhT 2019-06-01T13:43:26Z