My parents (ages 82 and 88) will be selling their home and moving to a senior living facilityThey paid $9500. for their home in the early 1950s. If they now sell it for say $100,000. is the profit considered to be capital gains? .
Asked on 10/14/11, 1:56 pm
1 Answer from Attorneys
Locksley Wade
Law Office of Locksley O. Wade
Check with a CPA but the first $125k may be exempt.
Answered on 10/14/11, 2:20 pm
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