Capital Gains & Fees?
Suppose you own your home and want to sell it for 200K. (You bought it for 100K) It appraised for 200K.
You find a home worth 300K. After all is said and done you apply $ XXX to the balance of the new home. Do you have to pay fees/taxes/etc or is that part of the capital gains?
Verne
Verne,As long as you have owned your home for at least 2 years you will not incur any capital gains tax. You must have used the house as your primary residence for 2 of the last 5 years. A single person can sell a house and make a $250,000.00 profit. A married couple (filing jointly) can make a $500,000.00 profit every 2 years tax free.