Tax payment after the sale of my house?

Whether you owe taxes on the sale depends on how much profit you make and how long you've lived there. If you've owned the home and used it as your primary residence for at least two of the last five years, you qualify for the capital gains exclusion. As a single filer, you can exclude up to $250K in profit from capital gains tax. Profit is the sale price minus your original purchase price, minus any qualifying capital improvements you've made, minus selling costs like agent commissions and closing fees. If your profit after all those deductions is under $250K, you owe nothing in capital gains tax on the sale. For most homeowners selling a primary residence, this exclusion covers the entire gain. If your profit exceeds $250K, you'd owe capital gains tax on the amount over the exclusion. The rate is 0, 15, or 20 percent depending on your income bracket. Since you're getting married, the timing of the sale relative to the wedding doesn't matter for this exclusion. The $250K single filer exclusion applies because you're selling while you're still single. If you were married and selling a home you both lived in, the exclusion doubles to $500K on a joint return. Talk to a CPA before closing to make sure you're capturing every deduction and structuring the sale correctly for your tax situation.

Depends on the situation. Was it a primary residence? Were you married at the time? Did you make a profit on the sale, if so how much? How long did you live there? There are a lot of variables here, but generally, if you are single, held the home for two or more years in the last five, and made less than $250,000 in profit, you would be able to have a tax exemption. Keith Jean-Pierre Managing Principal The Dapper Agents Operations In: NY, NJ, FL & CA

When you sell a home in Florida, the tax implications depend on whether the property was your primary residence, how long you owned it, and your profit relative to the IRS exclusion limits. In Citrus County and throughout Florida, if the home was your primary residence for at least two of the five years preceding the sale, you may exclude up to $250,000 of capital gain from federal income tax as an individual, or up to $500,000 if filing jointly as a married couple. This is the Section 121 exclusion and it covers most homeowners in the Hernando and Citrus County price range. If the property was an investment or rental, the gain is fully taxable as a capital gain, and if it has been depreciated, depreciation recapture applies at a separate rate. Florida has no state income tax, so your tax obligation is federal only. Consult a CPA before you close, particularly on rental or investment properties, because the timing of a sale relative to your other income and the structure of how proceeds are handled can affect the tax outcome meaningfully. Kevin Neely & Kaitlynd Robbins | K2 Sells, Keller Williams Elite Partners

You may qualify for the capital gains exclusion. Currently, if you’ve lived in the home as your primary residence for at least 2 of the last 5 years: • Single filers can exclude up to $250,000 of gain • Married couples filing jointly can exclude up to $500,000 You only pay capital gains tax on profit above those limits. Other factors like depreciation (if rented), state taxes, and your income bracket can affect this. Before selling, I always recommend speaking with a CPA so you understand your potential tax exposure. If you'd like help estimating what your approximate gain might be based on current value, I’m happy to help you run preliminary numbers.

I would consult your CPA. Depending on how long you owned your home and lived in it, you may or may not have to pay capital gains. Best to talk with your CPA