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Selling a Home and Paying Taxes
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Selling a Home and Paying Taxes
When you sell your home, do you have to pay taxes on the profit you make from the sale? Is there any kind of minimum or limit? And what does the govt consider that money, is it taxed the same as your income? If that's the case, the year you sell your home (if you make a lot of $ off it), that could put you in a much higher tax bracket for that year? TIA
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Posted 11/15/07 3:02 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Selling a Home and Paying Taxes
If you have to pay tax on the profit from a sale of a home, it's taxed as a capital gain.
There are some exclusions though - here's the link to Wikipedia which explains it better than I can!
Click Me
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| Posted 11/15/07 3:54 PM |
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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: Selling a Home and Paying Taxes
Message edited 1/30/2009 10:04:22 PM.
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| Posted 11/15/07 4:51 PM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Re: Selling a Home and Paying Taxes
Thank you for the replies...looks like that income is exempt if it's your primary residence for 2 years. Good to know!
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| Posted 11/15/07 5:50 PM |
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MrsD06
LIF Toddler
Member since 9/07 478 total posts
Name:
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Re: Selling a Home and Paying Taxes
this is always what gets me about that Flip That House show...sometimes they make a big proft but sometimes it's not so big and I'm thinking but you're just going to get taxed on your small profit..can that even be worth it?!
anyways, thanks for explaining this!
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| Posted 11/17/07 4:42 PM |
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