When selling a house for about $800,000, how much money would the government profit out of it? Like would they get a large amount of money off of the house?
2007-09-14 16:07:02 · 2 answers · asked by Starr 2 in Business & Finance ➔ Renting & Real Estate
I live in New Jersey.
2007-09-14 16:13:24 · update #1
If the government is selling a house for $800k, they profit the difference between how much it cost to get the house and how much they net on the sale.
If you mean that you are selling a house for $800k and you want to know how much taxes the government will take, well that depends upon alot of things - probably they get zilch if you've lived in it for at least two of the last five years.
2007-09-14 16:13:44 · answer #1 · answered by teran_realtor 7 · 1⤊ 0⤋
As you primary residence any profit you make on the home should be tax free. If it's an investment property, you will pay capital gains tax, approximately 25% of net profit (in Canada).
2007-09-14 16:12:24 · answer #2 · answered by whuz007 3 · 1⤊ 0⤋