Do we owe taxes on selling a house we bought for elderly parent, and lived there providing 24 hr care for 5 years?

[Phillip1 · Accepted solution]

If you both lived in and owned the home for 5 years, you will qualify for the home sale exclusion of 250,000 dollars (500,000 dollars) on a married filing joint income tax return. In which case there would likely be no tax on the sale of this home.