Tax Help: Capital Gains
This is one in a series of tax questions from readers answered by local members of the California Society of Certified Public Accountants, to help with your 1999 and 2000 tax issues.
Q: Is it possible to reclaim past capital gains taxes paid? I sold my home three years ago (about a month before the new retroactive tax law) and paid the tax on my home of $40,000. Since then I’ve had almost zero income. Is it possible to reclaim that income in any way?
A: Unfortately, there is no provision in the tax law that would allow you to go back and reclaim taxes paid on the sale of your home under prior law.
Questions and answers will also be posted on The Times’ Web site at
https://www.latimes.com/taxes.
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