| Posted By |
Message |
smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
|
Paying taxes when selling a house?
Someone told DH that you are taxed (State and Federal) on the sale of a house.
Like 4%
I did not know that.
|
Posted 9/27/10 11:22 AM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Paying taxes when selling a house?
The only time you pay federal taxes on the sale of the house is capital gains anything over 250k.
The seller pays a 1% transfer tax to the state as well as a much smaller tax to the city.
Nothing in the 4% range. Not sure where he got that info from.
|
| Posted 9/27/10 11:36 AM |
| |
|
smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
|
Re: Paying taxes when selling a house?
A real estate agent told him that.
|
| Posted 9/27/10 11:42 AM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Paying taxes when selling a house?
Posted by smdl
A real estate agent told him that.
Well if you add their commission, then yes it could exceed 4%.
It's not taxes though. You don't get taxed when you sell your house outside of the transfer tax or any capital gains.
|
| Posted 9/27/10 4:58 PM |
| |
|
smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
|
Re: Paying taxes when selling a house?
It's her house that she is selling and she is a friend of DH. She told him that we would be paying taxes if we sold our house.
I was  But she could be confusing indeed with the capital gain tax. That would make sense. She has had her house for many many years.
Still, I won't hire her as my broker if she does not know what she is really talking about. 
|
| Posted 9/27/10 5:36 PM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Paying taxes when selling a house?
Posted by smdl
It's her house that she is selling and she is a friend of DH. She told him that we would be paying taxes if we sold our house.
I was But she could be confusing indeed with the capital gain tax. That would make sense. She has had her house for many many years.
Still, I won't hire her as my broker if she does not know what she is really talking about.
I hope not. Because capital gains tax is more than 4%.
I am no accountant, but I think it's somewhere around 15% of the PROFIT (not the sale of the house).
|
| Posted 9/27/10 6:38 PM |
| |
|
smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
|
Re: Paying taxes when selling a house?
Posted by ave1024
Posted by smdl
It's her house that she is selling and she is a friend of DH. She told him that we would be paying taxes if we sold our house.
I was But she could be confusing indeed with the capital gain tax. That would make sense. She has had her house for many many years.
Still, I won't hire her as my broker if she does not know what she is really talking about.
I hope not. Because capital gains tax is more than 4%.
I am no accountant, but I think it's somewhere around 15% of the PROFIT (not the sale of the house).
She told DH that she was selling her house and she has to pay taxes. Between Federal and State tax it comes to about 4%.
|
| Posted 9/27/10 6:43 PM |
| |
|
