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Will I need to pay taxes on the money i earned from selling my house?

i have a RM loan. thank you. by elliott.b152 from Boulder, Colorado. Dec 5th 2019 Reply

James Crowder (JamesCrowder)
#59 ranked lender in Colorado - 31 contributions

Whether or not you will have a tax liability on the sale of your home will depend on the Capital Gain you enjoyed from owning your home long term. The tax rule allows you to exempt the first $250,000 in Capital Gain if you are single and $500,000 if you are married if you have lived in your home for two of the last five years. Capital Gain is best understood as the increase in value from the time you bought your home till the time that you sold it. This is really a question best answered by a tax preparer. I hope this was helpful.

Dec 5th 2019
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