satiti...[at]excite.com wrote:

- quote -

As long as the total amount they paid was for the purchase
of the house (house selling price) and the gain on the sale
(total selling price - basis of home) does not exceed
exemption amount you qualify for, then none of the amount
received is taxable.

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satiti...[at]excite.com wrote:

- quote -

I would consider the "extra" money as an adjustment of the
selling price, which increases your gain on the sale. As
long as you meet the Sec 121 qualifications (owned/resided 2
of last 5 years), and the gain is less than $500,000, it's
all tax free. If the gain is higher, the excess will be
taxed at a maximum of 15%.

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

<satitiger[at]excite.com> wrote:

- quote -

Hospitals are now giving tax advice?

Will you go to a CPA (EA or other tax professional) for
medical advice?

Your post doesn't give sufficient info to make any
determination as to whether there is taxable income in your
situation.

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----

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We sold our house to a hospital and they paid for the house
and then additional money that they considered a
settlement/damages for having us move, as we did not want to
sell our house and they wanted it to build a new part of the
hospital. They said that this would not be taxable. Is this
correct?

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >