Legal Question in Tax Law in Florida

my 86 years old mother ,did'nt have to pay income tax for years.Last year she sold condo /$ 44.000.-/in which she did not live in order to keep up with her medical bills and home repairs.Does she needs to pay federal income tax because she got money from condo sale ?

Asked on 1/17/13, 12:36 pm

1 Answer from Attorneys

John DeLancett Law Offices of John DeLancett, PL.

Your mother is entitled to a once in a life time exemption in excess of the amount here on the sale of her principal residence. Unless she has previously claimed this exemption on the sale of her home, she should owe no tax. She may need to file to claim the exemption, however. Check with a return preparer.

If she has previously claimed this exemption, then she would owe the difference in her basis in the property and the sales price. Basis is made up of what she paid for the property plus any improvements to the property. Improvements are not mere repairs.

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Answered on 1/18/13, 11:29 am

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