selling house

Get Legal Help Today

 Secured with SHA-256 Encryption

selling house

when I sell my mobile home do I need to report funds to SS being 65 and disabled?

Asked on December 14, 2016 under Real Estate Law, Maine

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

The answer is yes: any *income* (in this context, profit) you make is reported as part of your income. There is NO exemption from reporting income due to age or disability: you could be 110 and only able to blink one eye and not otherwise move, and you still have to report the income you make. 
However, the issue is not the sale price: it's (to oversimplify) the profit you make. Say you paid $45k for the home, and have $3k costs of sale--then your profit is only $12k ($60k - $45k - $3k = $12k), which is income which would have to be reported. Depending on how much other income you make, while you have to report the net gain or profit (i.e. the income), it's certainly possible you'd have little or no taxes on it. If you incurred a loss (sold for less than you bought), that loss could even offset other income. Speak to a tax preparer for a more-detailed answer about your specific situation and tax consequences.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption