Legal Question in Real Estate Law in Illinois

selling a home and taxes

I live in Illinois. My sister lives in

Colorado. We own a home in

Indiana where our father lived for a

few years. He is now in a nursing

home and we are selling the home.

Will the IRS want any tax money

from this sale? We will about break

even on the sale. No profit made,

maybe a small loss.


Asked on 6/23/08, 6:49 pm

3 Answers from Attorneys
Burton Padove Indiana and Illinois Lawyer, Burton A. Padove

Re: selling a home and taxes

Based on what limited information you provided, it sounds like you will probably be o.k., but you need to know what you paid for the house, closing costs and how much you put into it and compare that to the sale proceeds.

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Answered on 6/24/08, 1:37 pm
Nicholas Chrisos Nicholas G. Chrisos Attorney at Law

Re: selling a home and taxes

You should talk to an accountant re the rules for capital gains tax. From what you told me, it doesn't sound like you'll owe any capital gains tax, but talk to an accountant!

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Answered on 6/24/08, 5:15 pm
Joseph Michelotti Michelotti & Associates, Ltd.

Re: selling a home and taxes

there is a complicated formula. You need to determine the basis, less capital expenses, less closing costs. capital gains tax is 15% of the net (plus or minus other items)

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Answered on 6/23/08, 10:25 pm


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