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07-16-2013, 12:51 PM
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3,217 posts, read 7,551,932 times
Reputation: 2595
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So I'm planning on selling my home very soon, within the next 6 weeks. The home across the street, same exact floor plan is about to close escrow. I'm waiting to see how much it sold for before I list mine. From what I'm guessing, I'm going to make about 80k from what I owe to the sales price. After closing fees and agent commission, I'm thinking it'll be 70k.
One thing I'm not sure on is the taxes on the profit. I've lived in this home for 3.5 years and its been my primary home the entire time.
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07-16-2013, 01:03 PM
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4,567 posts, read 10,101,887 times
Reputation: 6706
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Typically you can exclude the sale of your home from taxes. But your individual situation would need to be taken into account. Have you tried running your numbers through tax software? Your answer lies in all the questions you need to answer that are specific to you. In a forum, we can't really give you a "yes" or "no".
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07-16-2013, 01:05 PM
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Location: Just south of Denver since 1989
11,686 posts, read 32,896,620 times
Reputation: 8639
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07-16-2013, 01:19 PM
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Location: OH>IL>CO>CT
7,145 posts, read 12,211,885 times
Reputation: 11016
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What you owe on the current mortgage has no bearing on the "profit" or gain on the sale.
You need to read and understand IRS Pub 523
Publication 523 (2012), Selling Your Home
Also Topic 701 Tax Topics - Topic 701 Sale of Your Home explains how you can exclude up to $250K if single, or $500K if married of gain for tax purposes. |
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07-16-2013, 01:24 PM
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3,217 posts, read 7,551,932 times
Reputation: 2595
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Thank you all. Based off that, I don't have to pay taxes! I was expecting to lost another 15%! So use to the government taking something out of everything!
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