Do I have to pay taxes when I sell my house

Do I have to pay taxes when I sell my house

Selling a house is not always as simple as it seems. There are many factors that come into play when you are deciding to sell your house. One of the main considerations is whether or not you have to pay taxes.

When do i have to pay taxes

If you are selling your home for less than $250,000, then there is no need to worry about paying taxes. However, if you are selling a home for over $250,000 then there will be a capital gains tax that is applied to the sale. The capital gains tax can range from 0% - 20%.

The IRS has a table with different rates depending on how much profit was made from the sale of the property and how long it was owned by the seller.

In general, if you sell your house and make a profit, then you will have to pay taxes on it. But there are exceptions to this rule. If you live in a state with no income tax, then you won’t be taxed on your home sale.

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