Discussion:Profit from the sale of Real Estate
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Ryanaukerman (talk|edits) said: | 13 March 2006 |
| I have a client who just sold her primary residence at a gain of $230,000. Does this money need to be treated as income and taxed. Or is it exempt from tax because it was from a real estate transaction. Please Help.
Thank you, RJ Tax and Notary | |
| 13 March 2006 | |
| If she's owned and occupied it for any 2 of the last 5 years...it's free money, and not even reported unless a 1099S from the Title Co was issued... | |
Ryanaukerman (talk|edits) said: | 13 March 2006 |
| I also have a client that just sold her mobile home, does the same thing still apply for her? Free money unless she gets a 1099S?
Thanks | |
| 13 March 2006 | |
| As long as it was used as her residence for any 2/5 years...a boat, camper, tent.... | |
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