Estimating CG for Widowed Retiree who just sold his home Thank you in advance! I'm trying to get a ballpark estimate of how much CG tax he may be in for, if any for next year.
Details:
-80+yr old widowed retiree on pension and SS
-Just sold home of over 40+yrs and bought into retirement community
-Purchased house for $35k (yes, that's right! but it was 40+ yrs ago)
-Sold house for $500k
-Immediately bought into Sr. community for ~$320k.
I'm doing my homework (not his actual taxes) and it looks like he won't owe any because the net gain from his sale is under the $500 exemption.
Is this right?
TIA!
IAG |