Anonymous

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

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Anonymous Profile
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?
Anonymous Profile
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?
Anonymous Profile
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.
Anonymous Profile
Anonymous answered
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
Karl Sagan Profile
Karl Sagan answered

Oh dear, my friend sold her house too, she broke up with her husband and did not want to give him or sell their joint house. She came up with a brilliant idea! She moved into this house, changed the door, and he couldn't get into the house haha. The window and door replacement service did a good job! If you need I can leave a link to this service here https://thwindowsdoors.com/windows-burlington-replacement/, suddenly you need to replace the doors as my friend did. This is both funny and stupid of her, but the plan is "brilliant" LOL

Anonymous Profile
Anonymous answered
I though if you were a one time seller you did not have to pay tax
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.
Anonymous Profile
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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