Questions From Readers

To get the ball rolling while members of the Maryland Association of Certified Public Accountants prepare answers to reader questions, MACPA answers a frequently asked question:Q: I just sold my house for significantly more than what I originally paid for it. What are the tax consequences?A: If the sale price is higher than the original cost, including the cost of any significant improvements you made, it is taxable income. But, there are two instances in which you would not be taxed on the gain:1.

A joint service from The Baltimore Sun and the Maryland Association of Certified Public Accountants can help you with your state and federal tax returns. Association members, all certified public accountants, will answer selected questions from readers over the ensuing weeks until the April 15 filing deadline.Readers may submit questions by calling Sundial or writing or sending a fax to the Business News Department. Selected questions and answers will appear in the Business section of The Sun and The Evening Sun. Although it is not required, callers are encouraged to leave their names and phone numbers should questions need to be clarified.