QUESTION
Does the money from the sale of my house need to be taxed? How?
Asked on May 28th, 2015 on Taxation - Ohio
More details to this question:
I did not have a mortgage and I sold my house. Is this considered profit that must be taxed?
3 ANSWERS
Any gain over basis will be taxed.
Answered on Jun 03rd, 2015 at 8:01 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Only the profit on the sale of a house is taxed. Not the entire sales price. If the house is your residence, the first $250,000 of profit is exempt.
Answered on Jun 03rd, 2015 at 8:01 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Generally not if it was a personal residence, but I need more details.
Answered on Jun 03rd, 2015 at 8:01 PM