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What are the tax implications for selling a house?
What are the tax implications for selling a house? When selling a house do I pay state and federal taxes? If I buy another house can I avoid taxes?
Asked By Ken | St John, IN | 800 views | Finance Legal Info | Created 2 years ago
Answer(1)
Jason Craig
Coldwell Banker
Ken, when you sell a home the main tax to think about is capital gains—federal and sometimes state. The good news is if it was your primary residence for at least two of the past five years, you can exclude up to $250,000 in gains if single, or $500,000 if married filing jointly. Indiana doesn’t have a separate transfer tax like some states, but you may owe state income tax on any taxable gain. Buying another house doesn’t automatically erase the tax—it’s really about whether you qualify for that primary residence exclusion. A local tax pro can look at your numbers and give you exact guidance.
- 3 months ago
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