If I sold my house do I have to pay taxes?

Answer by  withsmluck (793)

There will be taxes (personal taxes) on the amount of profit you have gained in selling your house. This is called capital gains tax. You should consult your CPA to find the amount of tax liability you will have before selling. There are, also, property taxes that will need to be addressed to complete the sale.

Answer by  flamiss22 (5081)

If you sold your house for a profit there are capital gain taxes that will have to be figured in with your year end taxes. So unless you are able to take an exemption you most likely will have to pay something. Now if you take a loss you may get some kind of refund

Answer by  tamarawilhite (17883)

You only have to pay federal capital gains if you made more than 250,000 profit over the original purchase price.

Answer by  cdh0730 (29)

If you have lived in your home for two years or less and earn $250,000 annually or less, you will not have to pay tax on the PROFIT of your home.