I will be receiving a check for a large sum of money for selling my house. Will I be taxed for it ?
- 1 year ago
- AmyLv 71 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.
- Max HooplaLv 71 year ago
Maybe. More facts are needed.
- curtisports2Lv 71 year ago
We don't know without having a lot more information.
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- SlumlordLv 71 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.
- JudyLv 71 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,
- NeverLv 71 year ago
There are variables. Not enough info to answer.
- PearlLv 71 year ago
its possible, i would ask the irs this question
- Anonymous1 year ago
Here in Canada you pay zero tax on selling your house or primary property
- GregLv 71 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, ...