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6 answers

Sometimes you are, and sometimes you are not. A lot depends on the country you live in ... something you do not see fit to disclose. Without more information, it is impossible to give you any kind of definitive information. Best advice is to consult your tax preparer, or better yet, an accountant.

Good luck with your situation.

2006-09-16 20:12:04 · answer #1 · answered by exbuilder 7 · 9 0

Would help if you told us where you lived, but in most of the world yes you are liable to sales tax

2006-09-12 21:43:25 · answer #2 · answered by Anonymous · 0 0

If you don't want to pay the taxes, you have a certain amount of time to roll the money into buying another house. Check with a tax accountant to be sure of how much time you have to do that. If you don't buy another house the tax accountant can tell you what percent you'll need to pay in taxes.

2006-09-16 15:43:32 · answer #3 · answered by LadyLgl 3 · 0 0

Every two years you can buy and sell a house and not have to pay tax up to a 250k -500k if married profit. Also if you buy a house with that money in less than two years you can get the money tax free it has to be a primary residence in both cases
http://www.foxnews.com/story/0,2933,167924,00.html

2006-09-12 21:44:55 · answer #4 · answered by Doctor C. 3 · 0 0

if there is a profit, you could have to pay taxes, unless you lived in the house two years.

2006-09-15 18:20:50 · answer #5 · answered by T C 6 · 0 0

Maybe yes and maybe no.
See: http://taxes.about.com/od/taxplanning/qt/home_sale_tax.htm

2006-09-12 21:43:09 · answer #6 · answered by Excel 5 · 0 0

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