Do you have to pay taxes on the sale of your home?

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asked Jun 15, 2018 in Real Estate - Renting by Nathal (380 points)
Do you have to pay taxes on the sale of your home?

1 Answer

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answered Jun 15, 2018 by Jasire (26,200 points)
You only have to pay taxes on the sale of the home if you have lived in the house less than 5 years before selling the home.

If you've lived in the home 5 years or longer before selling the home then you don't have to pay taxes on the sale of the home unless you profit over $250,000.00 on the sale of the home.

Then it becomes taxable income if the amount is over that $250,000.00 that you profit.

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