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Maybe.
If you don't sell it for a profit, there is no federal income tax. (There may be other taxes like local transfer taxes and title fees, etc.)
If you sell it for a profit there may be a taxable gain.
If you owned the house for two of the five years before you sold it and it was your principle residence for two of the five years before you sold it, you don't pay tax on the first $250,000 in profits ("capital gains"). If you file a joint return and your spouse also used the house as a principle residence for two of the five previous years, the first $500,000 in profits is tax-free. If you lived in the house less than two years and moved for a reason beyond your control, you may be eligible for a reduced exclusion. You can use the exclusion no more than once every two years.
Wiki User
∙ 15y ago
In the United States, when selling a house, you may be subject to capital gains tax if the profit from the sale exceeds a certain threshold. However, there are exclusions available for primary residences if certain criteria are met. It's recommended to consult with a tax professional for personalized advice based on your specific situation.
Wiki User
∙ 9y agoYou pay property gains tax when you are selling a house or large property. There are exceptions to this so consulting an attorney for your particular situation may be wise.
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Am I required to pay property taxes in two towns if my house is in one town and the back of my yard is in another?
Yes, you may be required to pay property taxes in both towns if your property straddles municipal boundaries. Each town will likely assess taxes on the portion of the property within its jurisdiction, so you would need to pay taxes to both towns based on the assessed value of each portion. It's best to consult with each town's tax assessor to determine your specific obligations.
What happened when the judge tried to get Emily to pay her taxes from a rose for Emily?
In "A Rose for Emily" by William Faulkner, the judge never actually tried to get Emily to pay her taxes with a rose. The town's officials rather decided to secretly sprinkle lime around Emily's property to mask the smell emanating from her house. This was done to avoid confronting her directly about the taxes and the smell coming from her property.
What taxes do residents of Indian reservations pay?
Residents of Indian reservations are generally exempt from state income taxes on reservation income, but they are still subject to federal income taxes. They may also pay sales taxes and property taxes depending on the location and specific agreement between the tribe and surrounding state or local government.
Do you pay school taxes if you don't own property?
In some areas, property taxes may be collected from renters in the form of increased rent, as landlords may pass on the cost to tenants. However, the responsibility for paying property taxes typically falls on the property owner, not the tenant.
What group(s) did not have to pay taxes and had their own court system?
One group that did not have to pay taxes and had their own court system were the clergy in medieval Europe. They were exempt from paying certain taxes and were subject to ecclesiastical courts, which were separate from secular courts.
Do you have to pay taxes on selling your deceased fathers house?
That is the question !
Do you have to pay taxes when selling a motorcycle?
You don't have to pay taxes when selling a motorcycle, but the buyer has to pay taxes when he goes to the title agency. Some people say the vehicle is a gift so they can avoid paying tax.
Do people in China pay for education?
if they pay the taxes for the house then no if they don't pay taxes then they do pay
What is the penalty of selling house after 3 month living in?
The penalty is that you may have to pay taxes on any profits that you make on the house because you didn't live there for two years.
Does selling old furniture count as income and do you have to pay income taxes on it?
yes
Can you buy a house and pay off all the taxes?
You can buy a house and pay the taxes for that year, but not for life of the house. The taxes change each year due to local tax bonds that are passed to pay for things like schools and other items the city may need.
Does a member of the House of Representatives have to pay taxes?
Yes, they do
Do you pay taxes on house insurance claim?
income taxes ? no insurance payments are exempt
What did the Mycenaeans pay their taxes with?
By selling their crops and livestock to the kings.
Selling a new house in toronto Do I pay hat on selling my new home?
Yes, you may pay income tax for selling your new home in Toronto.
What if you pay the taxes on your roommates house and he died?
You need a lawyer.
Do you have to pay capital gains tax on your deceased fathers house when you sell?
Do you have to pay taxes on deceased mother's house when it sells
