how much tax does one have to pay on the gain of selling a primary house?
469687
It depends on your age, where you live, how it affects your other income, etc. Talk to a tax accountant.
111045
You need to talk to your realestate agent and your accountant. There is a program that protects you from this tax. If you buy the new property within  2 years of the sale of the old property, you pay Capitol Gains Tax. It's called Property Exchange and you only pay 25% capitol gains on the balance from one property to the other. Example: you sell for 50,000 and buy for 40,000, you pay capitol gains tax on 10,000.\n\nGood Luck!
1094659
AS far as I know, you have to pay taxes on the sale if you make a profit of $500,000 or more on your house, not otherwise.
38741
None.  You're you allowed to exempt up to 250k of the gain from taxes, if you're filing single or seperately.  And 500k if you're married filing jointly.
679290
The tax situation you are referring to involves the capital gains tax on your profit (if any). You must live in the home a total of two of the past 5 years to get the exemption. This allows you to not pay tax on the first $125,000 worth of profit on your home.  There are certain exceptions to the 2 year rule, that may allow you to exclude a percentage of your profit in specific cases. \n\nRemember your profit is the difference between the net (after selling costs like real estate commissions and closing costs you pay for your buyer) and your cost basis for the house. Your cost basis is the original purchase price, plus the cost of any improvements to the property.\n\nConsult a tax professional for more specific information.
263292
You do not pay taxes when you inherited the land. If and when you sell the land that's when you pay taxes. If the Land is worth 20,000 now and in 5 yrs you sell for 25,000 you only pay taxes on the 5,000. Hope this helps
647864
First of all, it depends on when you inherited it and when you are selling it.\n\nYour "basis" in the property is what it was worth at the time of the death of the person you inherited it from.\n\nIf that was a while ago, the property may have increased in value.  If it was recently, or in an area not experiencing increased value since you inherited, it may be at or near the same value as your "basis" at the time of their death.\n\nThe difference between your "basis" and the current sales price of the property is called the "capital gain" and it is all that you will be taxed on.\n\nEXAMPLES  \n\nIf value @ death was $35,000.00 and you are selling for $35,000.00 - NO TAX (no gain because the basis is as same as the sales price)\n\nIf value @ death was $25,000.00 and you are selling for $35,000.00 - $10,000 Taxable Capital Gain\n\nAs for the tax rates, that is where my expertise pretty much ends.\n\nThere are Long Term Capital Gains and Short Term Capital Gains, and I do not know the length of time for each, nor whether or not there is a difference because the property was inherited and not purchased.  They are taxed at different rates, and those rates have nothing to do with your income level or any other particulars other than the time the capital asset (the property) was held by you. \n\nFor this you will need to speak to an accountant or tax advisor, but I hope you have a better understanding now of what questions to ask to get a complete answer from them.\n\nGood luck and take care.
927329
Taxes due would depend on what you sell it for.  The privacy fence and storage shed would be added to the cost of the house.  The cosmetic repairs would not be.  So you have $127K into it.  The difference between that and what you sell it for (net - you get to subtract items like realtor's commissions that you pay) is your gain.  \n\nFebruary isn't far off, so hanging in there until then makes sense.  Staying a year would make your gain long-term.  You're probably in the 15% bracket, which would mean your long term capital gain would have 5% tax applied.  So if, for example, you sold your home for $150K and paid real estate commission of $9000, you'd have a gain of $150K - $127K - $9K, or $14,000, and your tax on that would probably be $700, which isn't all that bad if you really hate it there.\n\nYou'd have to stay two full years to avoid capital gains taxes at all, and doesn't sound like you want to do that.  There is a little bit of an out here - if you move to a different area and can legitimately claim that the move was due to taking a new job, you can exclude some of the gain - basically, if you lived there a full year, you could exclude half of the gain, and just pay tax on the other half.  But if you're retired, you don't have that option.\n\nWhat you still owe, and what it is or was appraised at, make no difference to the taxes you'll pay.\n\nGood luck on selling your house quickly and at a good price.
81022
Here is the specific link you will need:\nhttp://www.irs.gov/publications/p523/ar02.html#d0e1931\n\nYou can exclude up to $250,000 of the gain on the sale of your main home if all of the following are true. \n\nYou meet the ownership test.\n\nYou meet the use test.\n\nDuring the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home.
790336
Really complex area - some boffins spend all their lives looking into this.\n\nThe abbreviated answer is:\n* Yes, definitely if the property is less than three years old\n* Maybe if the property is more than three years old\n\nTechnically if a property is more than three years old it is exempt from VAT but the seller can waive this exemption (known as 'opting to tax') if they wish.  This will mean 17.5% VAT is charged on the sale (which the seller doesn't get to keep).  The reason the seller might do this is becuase if they sell a building and charge VAT they're allowed to reclaim VAT on any related costs (such as legal fees).\n\nOnce a building is 'opted' you can't change that status even if it changes hands. Therefore the next time its sold on VAT would have to be charged on the sale.\n\nThese rules only apply to commercial property - not residential.\n\nTrust me - get an accountant/tax adviser to assist - really complex area.
80565
The amount of the mortgage(s) does not affect the capital gain.  Gain is determined by the difference between the net sales price and your basis in the house.  In most cases in which you have lived in the house for two of the past five years, the gain is not taxable.
387034
Need so much more info to answer correctly - what is the gain, how long did you own the property, what kind of property was it.
750207
Depends on the area. Usually 3% and that is split between the agent and broker. The seller agent charges 6 to 7% and splits that with the buyer agent. Remember we are independant contractors and pay all our taxes and Social Security. Alsao, Health Ins. mortgage, taxes and ins. on our homes. Car expenses etc.
366209
Your question is not completely clear. Do you think you pay a tax when you buy the house? Or are you asking about the yearly property tax that you must pay if you own property in a specific county.?
222256
It depends on what your tax bracket is. If you are talking about sales tax then it depends on what that rate is as well. When you find out the rate you multiply it by 10,000 and there is your answer
621770
The tax on a $300,000.00 house in California, if it was just purchased, is 1% of the fair market value plus any special district taxes such as streetlight districts or school bonds that may also be levied.  That would make the base tax $3,000,00 per year if there was no special district taxes.  If it is a personal residence there is a $70.00 reduction in the base tax thus making it $2930.00 per year.  However if the property has been owned since 1975 or at any date other than the current date the tax is 1% of the fair market value as of 1975 or the date purchased after 1975 plus an annual increase in the tax of about 1.25 percent from the starting date of acquisition to the current date.  Therefore if the owner owned the house since 1975 when it was worth about $50,000.00 the base tax would have been $500.00 with 1.25% increases since then causing about a 28% tax increase in thirty years or an annual tax of about $650.00.  Also if the house was inherited from a parent or, in some cases, a grandparent. the tax base is not the current fair market value, but rather, the value of the property at the time your parent or grandparent received the property back to 1975 or thereafter.  Kind of complicated huh?  But the point is you cannot tell what the tax on a $300,000.00 house is unless you know who owns it and how and when they bought it or otherwise received it.
923841
what is LTCG?\n\nif u sell a land the tax is applicable and is calculated the difference amount of ur selling price and its buyingprice and inflation