Posts tagged FAQ

U.S. Department of Labor Issues COVID-19 Relief and Employee Benefit Plan Guidance

Business Owners, Treasury, IRS NewsThe Doty GroupMay 1, 2020Department of Labor, IRS, COVID-19, Coronavirus, Employers, Employee Benefit Plans, FAQ, EBSA, ERISA, Disaster ReliefComment

IRS FAQ: If I sell my home and use the money I receive to pay off the mortgage, do I have to pay taxes on that money?

The amount of the proceeds from the sale of your home that you use to pay off the mortgage isn't a factor in figuring your taxable amount for the sale. Instead, the amount you realize on the sale of your home and the adjusted basis of your home are important in determining whether you're subject to tax on the sale.

IndividualsThe Doty GroupDecember 31, 2018Individuals, Sale of Home, Capital Gain, IRS, FAQComment