Tag Archives: Home Sale

Unemployed and Moved

Today TaxMama hears from Ron who is about to be laid off. He tells us, “I was notified on February 26, 2010 that I was being laid off as of August 2010.  I sold my home on May 25th, knowing I wouldn’t be able to afford the mortgage after my layoff.  I only lived in the […]

Constructive Receipt

Today TaxMama hears from Manola in the Tax Parlor, who says, “I sold a house, the closing was on 12/29/06. The proceeds were to be wired to my acct. on that date, but it posted 1/2/07. Do I pay my taxes on the monies (it is not a primary residence), on 1996, 1997, or whenever is […]

Investment, Inheritance or?

Today TaxMama hears from Tony with this story, “My friend’s mother recently sold her father’s home (he is elderly). He gave her power of attorney to sign off on everything, and she kept the proceeds of the sale.* Would this house be considered inherited property, invested property, or anything else for my friend’s mother?”