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If i had an fha loan and i sell my house do i have to pay taxes on profit?

by diannexox582335 from Laurel, Delaware. May 11th 2015 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

You should check with your tax adviser, but in general. If the property has been your primary residence for 2 of the past 5 years, then the IRS say's that if your gains are below $250K for a single individual, or below $500K for a married individual, then no taxes would be due.. you would be exempt.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

May 11th 2015
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

You need to ask your Accountant or whoever does your taxes.

May 11th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,970 contributions

This is a question for your tax professional, but if you have lived in the loan for at least two of the past five years, there is no capital gains due for most people. There is a certain lifetime exemption depending on single or married, and if you've sold primary homes in the past. Again, consult a tax professional, and most people here are mortgage professionals.

May 12th 2015
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,243 contributions

As others have said it is a tax question that has nothing to do with whether it was a FHA loan.

May 12th 2015
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