Monday, March 28, 2016

Do you have to pay income tax on a house when you sell it?


Do you have to pay income tax on a house when you sell it? - 1
Added (1). For example, if you sell your primary residence, pay off the rest of your remaining mortgage, and are left with $100,000 lets say. Do you have to pay income tax on this, or any other kind of tax? Does it matter if you roll this 100k into another house or not, or it doesn't matter? It seems like paying taxes on this as if it were wages would take a huge (25%) bite out of this sum. Does anybody know the in's & out's to this? Thanks

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