i have owned a house in joint tenancy with my daughter for 30 years. I am 80 years old and she is 55. I have filed my federal income taxes as head of a household and claimed her as a dependent for the last 3 years, as she has no income. both of us have lived in the house continuously for 30 years. my income last year was $53,000, but the taxable amount, after deductions and exemptions, was $38,000, which is the 15% bracket.
1. we bought the house for $122,000. we have made several improvements on it, but i could find receipts for only $8,000. thus, our original tax basis was $122,000, but the adjusted tax basis is $130,000.
do i really need receipts or does the irs use the honor system?
2. we can sell the house for $730,000. our long-term capital gain is $600,000, but each of us qualifies for the $250,000 exclusion, which lowers our gain to $100,000.
Do both of us have to file an income tax return for 1/2 of that gain, that is, $50,000 apiece, or can i file a return for all $100,000 as head of household?
3. some websites, when discussing long-term capital gains from sale of stocks, state that no tax is owed for head of household in the 15% bracket.
does that rule apply to the sale of a house?
4. i have read that capital gains are not ordinary income. if i cannot claim all $100,000 long-term capital gain on my return, meaning that my daughter must file a return and report $50,000 of our capital gain, would i still be able to claim her as a dependent and file as head of a household, if the capital gain were her only income?
1. we bought the house for $122,000. we have made several improvements on it, but i could find receipts for only $8,000. thus, our original tax basis was $122,000, but the adjusted tax basis is $130,000.
do i really need receipts or does the irs use the honor system?
2. we can sell the house for $730,000. our long-term capital gain is $600,000, but each of us qualifies for the $250,000 exclusion, which lowers our gain to $100,000.
Do both of us have to file an income tax return for 1/2 of that gain, that is, $50,000 apiece, or can i file a return for all $100,000 as head of household?
3. some websites, when discussing long-term capital gains from sale of stocks, state that no tax is owed for head of household in the 15% bracket.
does that rule apply to the sale of a house?
4. i have read that capital gains are not ordinary income. if i cannot claim all $100,000 long-term capital gain on my return, meaning that my daughter must file a return and report $50,000 of our capital gain, would i still be able to claim her as a dependent and file as head of a household, if the capital gain were her only income?
Federal Taxes: Long-Term Capital Gains on Selling a House That is Owned in Joint Tenancy
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