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What taxes do I pay when I sell my house in Texas?

how much do i need to build in to my budget for taxes? I live in San Antonio and will be selling my house
Asked By Jonah T | San Antonio, TX | 31 views | Selling | Updated 1 day ago
Answers (4)
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Novice
6 Answers
David Garcia

Home Experts Realty

(37)

Property taxes will be prorated. As for federal taxes, I recommend you seek tax advice from your CPA.
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Novice
3 Answers
Lauren Kerschen

ARC Realty DFW

(1)

One way to answer is based on how you file taxes and the other way to answer is just based on how the process works in Texas. As far a property taxes, you pay a prorated amount for the year based on how many days you have owned the property that year. If you escrow your property taxes in to your mortgage, you will get a refund check for the balance of your escrow account from your mortgage company. If you are asking about capital gains taxes, this is a question for your CPA but depending on how you file your taxes (married or single) capital gains are limited unless you make over $250,000 profit (single) or $500,000 profit (married)

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Novice
2 Answers
Miss Jamie Zapata, Broker

Jewel Real Estate

(14)

A real estate professional can provide you with an estimated profit sheet based on your specific situation at closing. It will include a full break down of all fees associated with selling your home using a broker. Things to consider are an existing mortgage payoff, property taxes, title policy for the next owner, escrow fees, broker compensation, home warranty, and any other miscellaneous items prior to closing. Your property taxes are prorated from January 1st until the day of closing between you and the next owner. Capital gains taxes depend on whether it's your primary residence and the total profit at closing. In most cases you may not owe any capital gains tax, but you may need advice from a tax professional. I'm a real estate broker located in San Antonio Texas if you have further questions. Good luck and happy selling.
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Novice
1 Answer
Anthony Alvarado

Anthony Alvarado Real Estate

When selling a house in San Antonio, Texas, you won’t pay state-level capital gains tax, so you only need to consider federal taxes. If you’ve lived in the home for at least two of the last five years, you can exclude up to $250,000 in gains if single, or $500,000 if married. You’ll also pay prorated property taxes and typical closing costs, so it’s a good idea to talk to a CPA to fully understand or a well educated realtor to understand.

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