do you pay tax when selling a house?

If you are referring to Capital Gains Tax, It Depends on what your purchase price was, if this is your primary residence or an investment property and if you qualify for capital gain exclusions (Primary Residence Only). You definitely should consult your tax advisor and possibly a real estate attorney though. Most seasoned realtors will be able to walk you through the calculations and/or exemptions, but we will always give the disclaimer that were are not attorneys or accounts and to consult those licensed professionals.

In Connecticut sellers pay a conveyance tax. Transfers of residential property in Connecticut are generally subject to real estate conveyance tax paid by the seller. The current graduated tax rates are 0.75 percent of the purchase price for conveyances of $800,000 or less and 1.25 percent on any portion of the consideration in excess of $800,000. In New York, Home sellers can expect to spend 1.425% of the sale price if your property sells for more than $500,000. For properties valued at $500,000 or less, the transfer tax is 1%. Heads up! You can expect to pay a New York State transfer tax as well, which starts at 0.4%. As far as capital gains tax, it is advisable to speak with your attorney and tax accountant to be properly advised for any and all tax related questions.

Hi Jill, Yes you do. $5,700 on NYC Transfer Tax and NYS Documentary Tax $1,600. If you are looking to get more info on your net walk away please fell free to reach out at 929-543-6488.