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Old 04-30-2007, 10:51 PM
 
770 posts, read 2,595,465 times
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Default TAxes when selling your home?

When I sell my home here in Maryland, do I have to pay taxes on the profit I get? If so how do I figure how much I would have to pay in?
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Old 05-01-2007, 03:27 PM
 
Location: Mount Airy, MD
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Default TAxes when selling your home?

Quote:
Originally Posted by Njrover0216 View Post
When I sell my home here in Maryland, do I have to pay taxes on the profit I get? If so how do I figure how much I would have to pay in?
Are you talking about capital gains taxes? As I understand it...If you live in the home as your primary residence for 2 years or more you can claim up to 250k profit as a single person and up to 500k as a married person (pending any recent changes to the law).

Notice I said profit, not sale price. So if you bought the house for 350k and got married and sold it for 750k you should be fine. If you were single you'd be paying taxes on anything above 600k...so 150k applied for taxes. YUCK!
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Old 05-02-2007, 08:33 PM
 
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You will also be asked at closing if you used part of your home for business...if you have and wrote off a portion of your house during that time, I believe they can tax you on that percentage of your profit.
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Old 05-03-2007, 06:17 AM
 
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I believe that your personal situation would be best handled by a CPA - there are a lot of expenses and what is withheld or not at closing to selling a home (besides the Maryland Taxes).
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