Warning: curl_setopt_array() [function.curl-setopt-array]: Unable to access in /home/mikemag1/public_html/becoolcarpool.com/wp-content/plugins/content-mage/AbstractContentMageSource.php on line 1
Mom and I sold our condo, how to make each report taxes?
My mom and I own a condo for 1 year and 9 months in WA State. It was sold and we are trying to understand how to share the resulting profits (about $ 40K total). We all received wire transfers from the escrow company of $ 20K. Now it's tax time and we try to understand what deductions are available and how to report all applicable taxes and what are the proper forms for this might be? In particular, we wonder if we can include closing costs that we have been adjusting our cost base and reduced ultimately part of the $ 20k is taxable. In addition, as I changed jobs 6 months after we bought it (bought in June 2004, sold in February 2006). Wondering if I can take partial exclusion of capital gains due to changes taking place in employment in November 2004 and again in July 2006). Neither the change of employment was out of state but has the effect of duration of my commute. Thank you so much!
The first answer is incorrect in the last paragraph. You can indeed claim a partial exclusion if you meet certain conditions. See the link below, especially page 15. The issue I see is you have changed jobs in November 2004 but did not sell before February 2006. This could be considered an excessive length of time to conserve property after changing jobs.
My response to the Federal Bailout plan
