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You can sell your primary residence and avoid paying capital gains taxes on the first $250,000 of your profits if your tax-filing status is single, and up to $500,000 if married and filing jointly.
A listing agent’s fee is typically somewhere between 2.5 and 3 percent of the home’s sale price. So, if you sell your house for $400,000, say, you could end up paying your agent $12,000 in ...
Additionally, when you sell certain assets and have a profit, you must pay capital gains tax. You have a capital gain when you sell a capital asset, such as stocks, mutual funds, exchange-traded ...
Tax assessors for taxing jurisdictions determine property values in a variety of ways, but are generally required to base such determinations on fair market value. [12] Fair market value is that price for a willing and informed seller would sell the property to a willing and informed buyer, neither being under any compulsion to act.
Commissions: The average real estate commission is between 5 and 6 percent of the home’s sale price. So, if you sell your home for $400,000, you would likely pay commissions totaling somewhere ...
If you sell your primary residence the IRS allows you to exempt a certain lifetime amount of profit from taxes. Single taxpayers can exempt the first $250,000 of capital gains from the sale of ...
If you've been living in your house for the last two years and it's only your personal residence (no business use claimed on any tax returns) you can profit up to $250,000 on the sale and still ...
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