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Do you pay taxes when you sell a house?
Do you pay taxes when you sell a house?
Asked By Charlotte | Buffalo, NY | 325 views | Finance Legal Info | 1 year ago
Answer(3)
Jim Hocking
Keller Williams Grand Rapids North
When selling a house, you may be subject to capital gains tax on the profit made from the sale. However, the IRS provides a tax exclusion for primary residences: single taxpayers can exclude up to $250,000 of gains, while married taxpayers filing jointly can exclude up to $500,000. To qualify, you must have owned and lived in the property as your primary residence for at least two of the five years before the sale. If the profit exceeds the exclusion limit or the property was not your primary residence, you may owe capital gains tax on the amount not excluded.
- 1 year ago
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Chris Yochum
Dickson Realty
Every area is different in what you will pay for taxes when selling. Generally you will have a transfer tax that will apply specific to your area, city, county, state.
- 1 year ago
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Lisa and Greg Harris
eXp Realty, LLC
This depends on where you are located and what type of taxes you are referring to for the purpose of the sale. In SC we have deed stamps which is like a sales tax for the sale of the home. And then you have the proration of the property tax depending on the time of year of the sale. And as far as income tax that all depends on the specific sale and I recommend you talk to a tax professional about your specific situation.
- 1 year ago
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