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Here’s more about how to calculate your potential profit on a home sale. If I sell my house, how much do I keep? ... If you sell your home for $300,000, a 5.5 percent commission comes to $16,500.
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 ...
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“It could keep them from really considering your home as an option.” Typically, your agent will be the one present at showings. 6. Review and negotiate offers. Once buyers have seen your home ...
The fair market value is the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. United States v. Cartwright, 411 U. S. 546, 93 S. Ct. 1713, 1716-17, 36 L. Ed. 2d 528, 73-1 U.S. Tax Cas.
You sold it recently for $780,000 and you’re using that to calculate your $480,000 net gain. As the seller you paid a 6% real estate agent commission of $46,800, plus $5,000 in eligible legal fees.
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