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10% tax
Lord knows what country (or universe) the previous responder was addressing...but obviously it isn't anyplace in the US.
There are many taxes one would have to pay on the sale of a home.
Your marital status makes no difference.
Some of the taxes may be based on the value of the home, while others are based on the amount of gain (meaning the amount above what you paid, plus certain improvements, etc). And most importantly, there are a number of generally applicable exemptions for the major Federal Taxes, if certain qualifications are met. (Like how many years you lived there before selling, etc.). While there are many considerations, the common ones are well known and certainly the lawyer you use to sell should be able to guide you for your circumstance.
It is normally a good time to consider and plan for things like Medicare limits (to assure you don't have to spend the house money before benefits kick in) and other plans.
What else can I help you with?
Can sales tax be charged on service maintenance agreements on copiers?
In california, generally the seller must pay sales tax on the parts purchashed and is not obligated to collect sales tax on the sale.
Is the 250000 capital gains exclusion by the IRS applicable to each home sale or is it cumulative?
It is applicable to each home sale as long as it is your principal residence for at least two of the past 5 tax years .
What is the sale tax on a suit priced at 150 if the sale tax rate is 5 percent?
The total tax is $7.50 and the total price with tax is $157.50.
Is the widow's exemption tax exempt?
The widow's exemption, often referred to as the "widow's tax exemption," typically allows a qualifying widow or widower to file taxes jointly with their deceased spouse for up to two years after the spouse's death. This can result in lower tax rates and higher deductions. However, while it provides certain tax benefits, it does not mean that all income is tax-exempt; the income still has to be reported and taxed according to the applicable tax rates. Always consult a tax professional for specific advice regarding individual circumstances.
If a retailer pays PA sales tax but has a delivery to New York what tax does he pay?
Pays no tax for the NY delivery if purchased onlineActually the method used for placing the sale makes no difference. Where the sale occurs determines where it is taxed and where it is used determines when it isn't taxed on sale. (All States have a required USE tax component to their tax laws).If the retailer is lisc. to collect tax in the jurisdiction that the item is delivered to, then he must collect tax for that jurisdiction. Regardless of how the sale is made. (The "moritorium" on internet taxes I suspect the previous is confused by, is only for State s making NEW taxes on internet services...sales taxes on other products aren't new, the system for it well established with things like mail order and then phonesIf the retailer isn't licensed (normally because they don't have the legal "nexus" - that is connection) - with that jurisdiction, then THEY CAN NOT collect the tax for it. If the sale was sent to NY by a common carrier and title only changed when it was delivered, than no tax (or the NY tax) is charged. No PA sale occured, so no PA tax is to be charged, regardless. If it was shipped on a company truck or after title passed, than PA tax must be charged (because the sale happend in PA, just like if you were in the store and bought it and put it in your own car and drove to NY. The buyer can get a tax credit for that tax on the NY USE TAX they must file and pay.
Do you pay sales tax when buying a home in Iowa?
In my state there is no sales tax on a home sale.
What is the difference between a qualifying widow and head of household for tax purposes?
A qualifying widow is a tax filing status available to a widow or widower for two years after their spouse's death, allowing them to use the same tax rates as married couples. Head of household is a tax filing status for unmarried individuals who provide a home for a dependent, offering lower tax rates than single filers.
Im behind on your propertytaxes what can happen?
Your home can be placed in a tax sale.
Will the government tax home sales at 3.8 percent?
Not exactly. The 3.8% Medicare tax will apply to certain investment income, including the gain on the sale of a home (not the entire sale value). The tax applies to individuals whose income reaches certain thresholds, and starts in 2013. So to be clear, suppose that you purchased your home originally for 100,000 dollars then sold it for 150,000. The gain is the difference between sale price and original price [$50,000 in this case]. If you are subject to the tax, then the tax would be calculated on the $50,000 gain, rather than the $150,000 sale price. No federal sales taxes (tax on the entire sale amount) exist in the United States at this time.
How do I figure out the capital gains tax on the sale of my home?
To calculate the capital gains tax on the sale of your home, subtract the purchase price and any eligible expenses from the selling price. If the result is a profit, it may be subject to capital gains tax. Consult with a tax professional or use IRS guidelines to determine the exact amount owed.
What is the tax treatment for losses incurred from the sale of a second home?
Losses incurred from the sale of a second home are generally not tax-deductible for personal use properties. However, if the second home was used for rental or business purposes, the losses may be deductible as a business or investment expense. It is recommended to consult with a tax professional for specific advice on your situation.
Does the 8000 tax credit count towards For Sale by Owner houses?
Yes it does, the tax credit counts towards the purchase of any home as long as you are a first time home buyer. follow this link for more info www.home-for-sale-fl.com/About_The_Price.html
Can sales tax be charged on service maintenance agreements on copiers?
In california, generally the seller must pay sales tax on the parts purchashed and is not obligated to collect sales tax on the sale.
Do you pay sales tax on a new Mobile home home in Louisiana?
In Louisiana, under Act 500 of the Louisiana 2009 Regular Legislative Session, mobile home owners who reside in the home will pay tax on 46 % of the retail price. If the owner does NOT reside in the home ,they will pay tax based on the total cost of the home. This sales tax does not apply to any subsequent sale of the home.
What is the used car sale tax in Pennsylvania?
The sales tax is around 98% per penny , so otherwords for every penny you must pay $400000.
What is sales tax and why it is paid?
sale tax is a tax on sale of goods it is levied for the revenue purpose to the state government
How do you calculate capital gains on the sale of a second home?
To calculate capital gains on the sale of a second home, subtract the purchase price and any expenses related to the purchase and sale from the selling price. The resulting amount is your capital gain. This gain is subject to capital gains tax, which is based on the length of time you owned the property and your tax bracket.
