Do you pay taxes when selling a house?

Answer 1

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.

Answer 2

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.

Answer 3

You 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.