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Updated over 4 years ago,
Sold 4 houses, Divorced, and Married in 6 Months During Covid...
Help! I continue to get wrong advice from "expert" tax preparers and this is costing me tens of thousands! It's complex, but someone knows the answer!! This is basic info below without selling fees, etc included. First tax person said that we only owed on the California house as the two houses in AZ equalled less than $500k, and I believed him. Unfortunately, sales went through before a quick look on Google told me otherwise. Now Husband A is saying second tax preparer is saying we owe an additional 20% just to California!! There is no money left as so much went to pay taxes and the rest to move. I need the right answer and a good, knowledgeable tax preparer.
January 2020, sold a rental in Sedona, AZ, that I had lived in 2 of the past five years while married to Husband A. This house clearly was the exemption for Capitol Gains. Bought in 2012, sold 2020
Purchase Price: $239,000 Sale Price (fully furnished): $248,965 Capitol Improvements: $55,515
April 2020, sold a rental in Tustin, CA, that I had not lived in at anytime during the past five years. Still married to Husband A. House clearly needs to pay Capitol Gains. Bought 1996 Sold 2020
Purchase Price: $236,500 Sale Price: $815,000 Capitol Improvements: $48,867
April 2020, divorced Husband A (all amicable...)
June 2020, sold condo in Flagstaff, AZ, lived in at least 2 of the last 5 years. Capitol Gains as only one exemption per year. Wish first tax preparer hadn't been wrong as we would have held onto this for a little while. :( Bought 2014 Sold 2020
Purchase Price: $120,000 Sale Price: $170,000 Capitol Improvements: $10,734
June 2020, married Husband B
July 2020, Husband B sells home in Bellemont, AZ. Second tax preparer says this is also Capitol Gains exempt, even though Husband B and I will be filing jointly in March 2021. Bought 2005 Sold 2020
Purchase Price: $173,900 Capitol Improvements: $115,116 Sale Price: $258,000
Thank you in advance!