Ohio Home Sale Taxation

Summary

Selling an inherited home in ohio may involve capital gains tax based on the difference between sale price and its fair market value at inheritance. If the home was your primary residence for 2 of the last 5 years, you may exclude up to $250,000 of gain ($500,000 if married filing jointly). Living separately from your spouse does not affect joint filing or exclusion eligibility. Consult a tax professional for personalized advice. To determine fair market value, consider hiring an appraiser, checking comparable sales, or consulting a real estate agent.

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if i live in it for 2 years will i still get the * exclustion
Yes, if you live in the inherited home as your primary residence for at least * of the last 5 years before selling it, you may qualify to exclude up to $*,* of capital gains from the sale ($*,* if married filing jointly). It's wise to consult a tax professional for personalized advice.
does it matter if my legally married husband lives in a different house but we file jointly
Living in separate homes doesn't affect your ability to file taxes jointly or claim the exclusion for capital gains. As long as you meet the criteria for the exclusion (living in the home as your primary residence for * of the last 5 years), you should be eligible. However, consulting a tax professional is advisable for personalized guidance.
how do i find out what the fair market price of my house was in jan *
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To determine the fair market value of your house in January *, you might consider the following options:
- Hire an Appraiser: A professional appraiser can provide an accurate valuation of your property's worth.
- Check Comparable Sales: Look at recent sales of similar homes in your area during that time.
- Consult a Real Estate Agent: They can offer insights based on market trends and comparable listings.
If you need personalized advice, consulting with a real estate professional is recommended.
if i take money that was inherited solely by myself and invest it, does interest or income earned become joint marital property
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In Ohio, inherited property and income generated from it are generally considered separate property, not marital property. However, if the income (e.g., interest or dividends) is commingled with marital assets or used for marital purposes, it might become joint property. Consulting a family lawyer can provide more personalized advice.