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

 
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Phillip1
New Member

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

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.

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Phillip1
New Member

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

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.

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