I own a home right now that is worth $325,000 and I owe $245,000. I have only been in the home for 4 months. If I decide to sell the home before the two year mark how much in taxes will I have to pay on the profit. I have heard 25% and I have heard 40% of the profit I have to give back to the government.
2006-10-21 03:42:31 · 2 answers · asked by Sam468 2 in Business & Finance ➔ Taxes ➔ United States
home sales are a capital gain, you can take a one time in life exclusion and not pay, or you can roll the gain into another home within (i think) 1 year, and not have to pay cap gains tax to the feds...as far as i know fla doesnt specially tax this.
2006-10-21 03:46:10 · answer #1 · answered by David B 6 · 1⤊ 0⤋
It depends on alot of things,what you will pay,income,the area you live in,Ect.Your best bet is to ask someone in reality!Hollywood
2006-10-21 10:52:56 · answer #2 · answered by hollywood 5 · 0⤊ 0⤋