2007-10-10 04:24:26 · 7 answers · asked by SANDRA D 1 in Business & Finance ➔ Personal Finance
The new rule (for the past 10 years that is) is that if you have lived in and owned the house for 2 of the previous 5 years before you sell, the first $250,000 ($500,000 if married) of profit is tax free. Anything over that (if any) will be taxed as Capital Gain.
2007-10-10 04:32:14 · answer #1 · answered by Wayne Z 7 · 0⤊ 1⤋
You are taxed only on your gain (sales price less commissions less basis) that was greater than $250,000 if you file single or $500,000 if you file married. If you do owe tax on the sale, it will be LT Cap Gain and taxed at only 15%.
2007-10-10 04:30:53 · answer #2 · answered by CPA/PFS 2 · 1⤊ 1⤋
The laws change so often, call the IRS or a local accountant. The IRS answers questions over the phone without asking you a lot of questions.
2007-10-10 04:32:50 · answer #3 · answered by Anonymous · 1⤊ 2⤋
If you are single you have up to $250,000 tax free. If you are married filing jointly you have up to $500,000, tax free.
2007-10-11 00:47:04 · answer #4 · answered by Gary 5 · 0⤊ 0⤋
Everyone always pays taxes!
2007-10-10 04:27:03 · answer #5 · answered by Grants a tractor luvr! 6 · 0⤊ 4⤋
yes - its called 'capital gains', unless you turn it around into a new house w/in (I think) 2 years. Speak to your CPA or financial adviser for more info.
2007-10-10 04:27:43 · answer #6 · answered by slushpile reader 6 · 0⤊ 4⤋
no
2007-10-10 04:32:30 · answer #7 · answered by Clueless 5 · 0⤊ 2⤋