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Capital Gains when not an investment property?

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fizzie51

Junior Member
What is the name of your state?What is the name of your state? VA

I owned a condo in which my parents lived for about ten years. I paid the mortgage most of the time, they made a payment on occasion. When my father died I sold the condo so my mother could live in a retirement home near me.

Do I owe capital gains on this sale? Although I did not reside in the home it was not an investment property either, I made nothing on it.

Thanks! :confused:
 


Snipes5

Senior Member
Yes, this is a taxable event.

Bring your paperwork in to a tax professional who can determine whether you have a gain or not.

Even though you made nothing on the sale, you may still have a gain, unless you sold for less than you originally purchased the property for. The amount of any remaining mortgage debt is not relevant to capital gains determination.

Snipes
 

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