If I sell a piece of income property, a single family house, for much less than I paid, Do I have to pay tax,?

Question

a business tax sales tax?

Answer 1

Depends on many factors, including how long you owned the property, how much depreciation you took, and what other expenses you had and deducted previously.

CORRECTION
Did not read question carefully. Thought you were talking about income tax. Depending on your location, there will be several taxes due, such as transfer tax, recording tax, etc. But not sales tax.

Answer 2

No tax on the sale, but tax on the income during the year after expenses are calculated.

Sorry to hear that you re selling at a loss. It would be better in this case if you had to pay a lot of tax on the profit that you made.

Answer 3

You will have a capital gains loss--maybe. Capital gain(loss) is based on your basis in the property which is sorta original sale price less depreciation + capitalized expenses. You can get the information at www.irs.gov and download the info you need and start reading or hire a professional.

Answer 4

Not income tax though can be taken off your taxes beacuse it is a loss. There will fees for transfer etc but thats it.

Answer 5

Listen to CJ not Dr

I'd thumbs up the reply by CJ but I haven't posted enough yet :(