If I sold my house for 227,000 what will I pay in taxes?

Answer 1

If you've lived there for less than 2 years, you will pay capital gain tax - the difference between a buying price and selling price minus improvements that you've done to your place. If you've owned this house for more than 2 years - no taxes from you required. Unless you've rented part of it and was getting income from it.

Answer 2

Probably nothing, tho this will depend on a few factors. The best case is that you lived in the house for at least 2 years as your primary residence. (this 2 years doesn't have to be the most recent 2 years, it can be any 2 years out of the last five). If that's true, you will owe no taxes on the sale. Single people pay no taxes on up to $250k of gain, while married couples pay no taxes on up to $500k of gain under these circumstances. Since you sold for $227k, even if you bought for ten cents, you're still within the limits. Now, if you have NOT lived there for two years of the last five, your gain will be treated either as ordinary income (if you owned the house for less than one year) or capital gains (if more than one year). It sounds a little hairy, but any accountant can work this out for you in detail, or use a tax prep software program. It'll be worth the $30 investment. If you do owe taxes, don't forget to add the cost of any improvements made to the house while you lived there to your basis, and don't forget to subtract brokers fees and other selling costs from the sale price. Both of these will minimize the gain, and therefore the taxes due.

Answer 3

Zero if you buy a new house of equal or more value. Otherwise the taxable capital gain would be 227,000 minus the original purchase price

Answer 4

If this is your primary residence (you've lived in the home for 2 out of the last 5 years), you shouldn't pay anything.

Normally, you would have to pay taxes on the capital gain (never the entire sale price), but you get an income exclusion of $250,000 if you're single, double if your married.

Answer 5

depends on how long you have held the house and how long you lived in it and if your married or single. You can exempt 250,000 gain for single and 500,000 for married. The thing is that you must have lived in the house for at least lived 2 out of the last 5 years in the house.

Answer 6

That would depend on a number of factors.

If you've lived in it as your primary residence for at least 2 of the 5 years prior to the sale, you'll probably qualify to exclude all of the gain and would not owe any federal tax at all.

If you don't meet that criteria, the gain will depend upon what you paid for it. The tax rate will depend upon how long you owned it for. If it was at least a year, it would qualify as a long-term capital gain at lower rates. If you owned it less than one year, the gain would be taxed your marginal tax rate.

Answer 7

talk with your accountant. you need to factor in improvements you paid for, any liens you paid off, etc... Did you live in it 2 out of the last 5 years? there are a lot of questions your accountant will have. No one can give you an accurate answer with the limited details you gave.

Answer 8

It will depend on the date of closing. All realestate taxes are pro-rated to that day. There are quite a few on line realestate calculators you could use to get a ballpark idea for your location. Or, call a local realtor and ask them to run the numbers for you. :-)

Answer 9

it would depend on how much you bought the house for and if you`re married

Answer 10

it depends -- probably zero.

depends on how much you paid for it, whether you are buying another house.