Capitial Gains
My parents are retired and have not paid tax in 3 years. Now they want to sell property for 250K and buy another for 75K. What will be there tax burden? 
My parents are retired and have not paid tax in 3 years. Now they want to sell property for 250K and buy another for 75K. What will be there tax burden?
If the property is your parents primary residence, no. If not, then the capital gains tax rate is 15%. What their tax burden will be depends upon their other income, their deductions, and tax credits that may apply.
Thanks for the info. This will be a relief to them.
Thanks for the info. This will be a relief to them.