What are the taxes for selling property?

Answer by  patti (29325)

It depends on the sale, what you sold, how much profit you realized and what you did with the funds upon receipt. Add to that a host of other considerations. Unless you are well-versed in the law regarding these matters, it would be best to discuss it with your accountant at tax time.

Answer by  nekturk (139)

Taxes for selling a property generally fall into two categories. State taxes are due based on the total sale price; the amount varies from state to state. Capital gains taxes may also be due to the federal government based on the difference between the sale price and the original purchase price, but exemptions are available based on owner occupancy.

Answer by  Devin98 (487)

You will most likely have to pay the property taxes through the date of closing and you may have some federal taxes on any profit.

Answer by  noosh (673)

Some areas have taxes that are paid by sellers based on the sales price. Not all areas do. What you may need to pay is a tax on the gain if you sold it for more than the price you purchased the property for. You should consult a tax professional for the information that applies to your area.

Answer by  tamarawilhite (17883)

You will only owe taxes on any profit above its purchase price. Even then, you only have to pay income tax if the amount is over 250K profit.