I will be receiving a check for a large sum of money for selling my house. Will I be taxed for it ?

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  • 1 year ago

    Gggh

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  • Amy
    Lv 7
    1 year ago

    Hard to answer since you specifically avoided categorizing this question under a particular country.

    USA info: https://www.irs.gov/taxtopics/tc701

    As a general rule:

    You will not be taxed on the full sale price, just on your PROFIT, i.e. the amount you receive now minus the amount you originally paid for the house.

    If the house has been your primary residence for a few years, you might not owe any tax, or at least you'll owe less tax.

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  • 1 year ago

    Maybe. More facts are needed.

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  • 1 year ago

    We don't know without having a lot more information.

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  • 1 year ago

    Probably not. If you lived there 2 of the last 5 years then the first 250k of capital gains are tax free, 500k if you are married and your spouse also lived there 2 of the last 5 years.

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  • Judy
    Lv 7
    1 year ago

    Probably not, for federal. You're only taxed on gain. If you owned it for 2 years or more, and lived in it as your main home for at least two years, the first 250K gain is tax free, 500K if you're filing a joint return. State tax rules vary by state,

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  • Never
    Lv 7
    1 year ago

    There are variables. Not enough info to answer.

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  • Pearl
    Lv 7
    1 year ago

    its possible, i would ask the irs this question

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  • Anonymous
    1 year ago

    What country

    Here in Canada you pay zero tax on selling your house or primary property

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  • Greg
    Lv 7
    1 year ago

    That depends on several things like how long you had the house, what you paid for it, if you ever rented it out, ...

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