How much is the tax if you sell your house?

**tt3000gt** · 04-02-2011, 03:38 PM

Hey guys I hope this is not a repost, but I'm trying to figure out how much the tax is when you sell your house? FYI I live in California

**Greg** · 04-03-2011, 04:37 AM

Any answer you get here will not be able to take into account any local county/town/municipal/HOA taxes or fees that you might have to pay. This question needs to be directed to someone who sells real estate on your street. Ask a local real estate agent.

**Zach Sikes** · 04-08-2011, 12:26 PM

How long have you owned your home? If you have lived in your home 2 consecutive years out of hte last 5, the money you make on it is tax free. There are a usually a couple small taxes to pay to transfer title though. Your best bet is to ask a qualified agent in your area. RE/MAX is a good place to find them!

**clemy** · 04-08-2011, 06:51 PM

On the federal level: if you have lived in your house 2 of the last 5 years, the first $250K (if you're single) or $500K (if you're married) of PROFIT is tax free. Profit = selling price - (your purchase price + addition money spent to increase your basis), see irs.gov for explanations of basis. Then you owe income tax on the remainder - how much depends a lot on your tax situation. Again, see irs.gov for more information.

I don't live in CA, so I don't know what the state tax situation is like.

**tt3000gt** · 04-12-2011, 08:27 PM

Hey guys, thanks for the information. I was actually asking this from a investor point of view, so I wont be living on the property, but I actually got my answer from another agent. Cheers

**vijendrasnv** · 04-12-2011, 11:19 PM

Well, taxes differ according to the country where you are staying and selling/buying refers to the place and very essential is to look for the price value first and then accordingly make out the best to sell and buy house.