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In central Ohio, the commission is often 3% of the sales price to each. A seller, for example, would pay a total of $18,000 ($9,000 to agents on each side) on the sale of a $300,000 home.
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.
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 now sell the house, your cost basis would be $535,000, as the home cost you $500,000 and the kitchen and boiler both count as upgrades to the property ($25,000, plus $10,000).
A real estate broker typically receives a real estate commission for successfully completing a sale. Across the U.S, this commission can generally range between 5-6% of the property's sale price for a full-service broker but this percentage varies by state and even region.
Using the same example: If you sold your house for $650,000, but had a cost basis of $500,000, your capital gain would be $150,000. That gain would be below the taxable threshold, married or single.
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