selling house in US

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miabellaca
Posts: 3
Joined: Tue Jul 05, 2005 2:07 pm

selling house in US

Post by miabellaca »

I am on TN, brought my house 6 months ago. Thinking about selling it and move close to where I work. I know the market price of my house is 50,000 more now. If I sell it now, what types of taxes I need to pay?
nelsona
Posts: 18675
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

You will pay capital gains because you did not live in it for 2 years.

The calcualtion will be based on a percentage of the time, and an overall exemption.

IRS website has plenty of info on this.

<i>nelsona non grata... and non pro</i>
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