Quote:
Originally Posted by cjh-ohio
I sold my home in Ohio Jan 2017 and bought in The Villages. Now I want to sell and downsize. Is it true that I may get penalized with capital gains taxes because I sold 2 homes in less than 2 years? My deceased husband built our home in Ohio, so it appears I made a lot of profit because there was little labor costs incurred.
Now I am hesitant to sell. Any advice?
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You should visit an accountant and or a lawyer with a background in not only law, but accounting and perhaps inheritance.
Far as profit on your home in Ohio. The profit is not what you paid for it minus what you sold it for. Whatever money you put into the house, raises your cost so lowers your profit.
Far as downsizing, there is the cost of moving, sales expense, the hassle of packing, the expense of redecorating the new place.
Without details, WHICH YOU SHOULD NOT MAKE PUBLIC, no one can give you valid answers. Obviously, beware of ulterior motives of any advisor.