I sold my home that I owned for only 6 months and made a profit. How much do I owe in taxes?

1 ⤊

I sold my home that I owned for only 6 months and made a profit. How much do I owe in taxes?

I used the profit to pay off credit card debt and pay for my wedding.

2007-01-02 02:26:19 · 3 answers · asked by Aaron 1 in Business & Finance ➔ Renting & Real Estate

3 answers

That "profit" will be added to your income for the year, and your taxes will be based off your total income.

2007-01-02 02:46:12 · answer #1 · answered by Anonymous · 0⤊ 0⤋

The gain will be considered ordinary income. The tax will depend upon your marginal tax rate. Anywhere between 15% & 31%.

2007-01-02 11:43:53 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋

assuming a few things....that this is your primary home and that you are not buying another home, than you will pay taxes based on your normal tax rate ( 25,28 etc).

2007-01-02 10:44:24 · answer #3 · answered by bpl 5 · 0⤊ 0⤋