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If I Sell My House, Do I Have To Pay Capital Gains Taxes?

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Anonymous answered
I live in New York State, and I am selling a mobile home for $10,000.00 to the land owner. Do I have to pay Sales Tax on the $10,000.00 to him?
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Anonymous answered
Do I have have to pay capital gains tax when I sell my home that I live in 4 years,in seattle washington state?
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Anonymous answered
First do you have a gain?  Did it sell for more than you bought it--even after subtracting closing costs? (Commissions, title, escrow, etc.) .  If the answer is still yes, the IRS Homeowner Exemption rule applies.  If you own and live in the house for at least 2 out of the last 5 years, as a married couple you get up to $500,000 in gain (think profit)  tax free.  ($250,000 for single people).  Two single people could jointly own the house and get $500K).  Amounts over the exemption (either $500K or $250K depending on marital status)  will be taxed at 15% federal and whatever your state capital gain tax rate is.
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My brother and I inherited our mother's house we both grew up in. We are planning on selling it "as is".How does this capital gain tax apply to this. I know we will have to pay something
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If it is a two family?
Rena Chisholm Profile
Rena Chisholm answered
If it is your first time selling a home , then the answer is no. You do not have to pay taxes on it.
This is if you live in the USA. I do not know about other countries.
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Anonymous answered
My husband and I purchased land and built a house in 2001.  Our permanent loan is at $289,000.  We have a HELOC at $164,000.  We have a potential buyer and will sell at $600,000.  Less commission and guesstimated closing costs, I figure we will each receive $56,000 (our divorce is final 1/22/10).  Am I subject to or how much will I be subject to in capital gains?  If income matters, I was laid off in 2009, am still unemployed, but hope to secure a job before year end.

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