Need Suggestions

[dayana]

Hai Guys !

If I sell my home and use the money I receive to pay off the mortgage, do I have to pay taxes on that money?


Need Suggestions !!!

Thanks in Advance !!!

[saving_is_creepy]

If you make money on the sale you may have to pay capital gains tax depending on your situation. I know that in my situation if I live in my primary residence for two or more years and then sell the home I don't pay capital gains tax. I would talk to your accountant.

[Gailete]

It all depends on how long you have owned and lived in your house. I'm not up on the current law, but I think you can take a $250,000 gain tax free if you have lived in your home for a certain amount of years. This is something you should be able to easily research on the internet.

[loanstar]

It all depends on how long you have owned and lived in your house. I'm not up on the current law, but I think you can take a $250,000 gain tax free if you have lived in your home for a certain amount of years.

2 years, i believe!

[cptacek]

SmartMoney has an article about this:
<strong>Taxes When You Sell Your Home</strong> (Tax Matters: Personal Finance) | SmartMoney.com