2006-10-31 00:52:52 · 5 answers · asked by lucyandtj 2 in Business & Finance ➔ Renting & Real Estate
Agent commission, Transfer fee, property taxes to the date of closing etc. Mortgage payoff too. Check with your agent as local fees vary.
2006-10-31 00:55:53 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you lived in the home for two of the past five years, the first $250,000 of profit (capital gains) would be exempt from taxes. This amount would be $500,000 if you are married and your spouse also lived in the house.
The remaining costs (realtor fees and costs of trasferring the property) are spelled out in the Contract to Purchase so these costs will vary.
2006-10-31 09:19:58 · answer #2 · answered by Realtor Jim 2 · 0⤊ 0⤋
If you arethinking about the taxman taking your profit then provided it was your principal private residence then it's all yours
2006-10-31 08:56:21 · answer #3 · answered by Aleks 1 · 0⤊ 0⤋
If you did not purchase a replacement home you would be taxed at the same rate as you income.
2006-10-31 09:01:46 · answer #4 · answered by ? 4 · 0⤊ 1⤋
You will also have tax to pay.
2006-10-31 09:00:20 · answer #5 · answered by MojoMan 6 · 0⤊ 1⤋