selling house. If i sell it for 200000 how much do i pay back at the end of the year in taxes.
2007-03-09 12:11:33 · 4 answers · asked by lady_eli_2 2 in Business & Finance ➔ Taxes ➔ United States
No way to say from the information provided. Any tax would be assessed on the gain on the sale. Without knowing what you paid for the house, there's no way to figure the gain.
And if you lived in the house as your principal residence for 2 of the 5 years immediately prior to the sale you may be able to exclude all of the gain from the sale. A single filer can exclude up to $250,000 of gain on sale from taxes. A married couple filing a joint return can exclude up to $500,000. Since your selling price is $200k, your gain would be less than $250k and you could exclude all of the gain if you meet the time and residency requirements.
2007-03-09 23:01:32 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Possibly none. If the house was your primary residence for two of the last five years and you haven't claimed the exemption in the last two years, you are allowed to exempt up to $250,000 in gains ($500,000 if married filing jointly).
2007-03-09 12:16:38 · answer #2 · answered by Brian G 6 · 2⤊ 0⤋
Answer #1 is correct.
2007-03-09 12:34:30 · answer #3 · answered by barbara 2 · 0⤊ 0⤋
It depends on your tax bracket and other factors like how much you paid for it. If you buy another house, there probably won't be any capital gain.
2007-03-09 12:17:21 · answer #4 · answered by The Rabbi 5 · 0⤊ 4⤋