Home
Tax Articles
Tax FAQ
Introducing Our Firm
Our Services
Real Estate Taxletter
Need Help?
Other Websites
Site Map

Find us on Facebook
Follow me on Twitter
Connect on LinkedIn
Connect on Google+

What taxes must a widower pay on the sale of his home?

August 9, 2004


From:  Sheila
Date:  5 Jul 2004

What is the percentage of the taxes you have to pay on the money you get from selling your own home if you are a single male widower?

Answer

Date:  Fri, Jul 30, 2004

Hello Sheila,

It depends on the details of your situation. The residence should receive a basis adjustment as of the date of death of your wife, which could eliminate all gain at that point. You should qualify for the $250,000 exclusion for the sale of a principal residence if you have lived in the home during at least two years of the last five years before the date of sale. I'm hoping there will be no tax. If you have a taxable gain, the maximum federal tax rate (assuming no business use of the home or depreciation previously claimed) for long term capital gains is now 15%.

Good luck!
Mike Gray

We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.

IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this website was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.

What taxes must a widower pay on the sale of his home?

Home | Real Estate Taxletter | Articles | FAQ | Introducing Michael Gray, CPA | Need Help? | Other Links


Michael Gray, CPA
2190 Stokes St., Suite 102
San Jose, California 95128-4512
(408) 918-3162
Fax (408) 998-2766
email: mgray@taxtrimmers.com
© 2016
Subscribe to
Michael Gray, CPA's
Real Estate Tax Letter
!

subscribe
unsubscribe