Hello. Our situation:
We bought our new home in March 2020. Sold our prior home Aug 2020. First sale fell apart day of closing due to Covid...buyer lost his job. Thankfully we didn’t need the cash from that sale to move forward on our current home.
I seem to be reading and hearing a variety of answers. On one hand I hear that it’s only the “profit” that matters. We made very little on the prior home considering realtor expenses and home improvements. Our new home cost about 50,000 more than the sale of old one.
Or, is the full sale amount considered income? Which would clearly bump us into the very high monthly premium for 2021
On another note, I was receiving a subsidy with ACA for 2020 until Oct when I went on MC. (DH has been on MC). Does the sale affect the subsidy I had been receiving? Will I owe them back all of the subsidy?
Thank you.
We bought our new home in March 2020. Sold our prior home Aug 2020. First sale fell apart day of closing due to Covid...buyer lost his job. Thankfully we didn’t need the cash from that sale to move forward on our current home.
I seem to be reading and hearing a variety of answers. On one hand I hear that it’s only the “profit” that matters. We made very little on the prior home considering realtor expenses and home improvements. Our new home cost about 50,000 more than the sale of old one.
Or, is the full sale amount considered income? Which would clearly bump us into the very high monthly premium for 2021
On another note, I was receiving a subsidy with ACA for 2020 until Oct when I went on MC. (DH has been on MC). Does the sale affect the subsidy I had been receiving? Will I owe them back all of the subsidy?
Thank you.