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If you own a cottage jointly with your husband and you wish to sell it will any taxes be payable upon sale why or why not if taxes are payable what kind of taxes and how much is taxable?
Sjb2009
By use of the term "cottage" I wonder if your British?
In the US many taxes are due on the sale of real estate, especially if it is other than your primary residence.
Generally, (but only meeting certain qualifications) the GAIN in value on your primary residence will not be taxed. On any other proerty, like any other investment (stock, bonds, art, whatever), the gain (making of money) is taxable as such - an income tax. It does, generally get a lower rate than ordinary income.
In virtually all cases, and depending on where you live, there are a multitiude of other taxes, more transactional in nature that are due to any number of tax districts...ranging from improvement taxes to simply recording charges for the paperwork. Some are fixed price and some are dependent on the sale price.
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