If I sell a house this year and I get cash for the house sale meaning that I do not have any leins on the hous?

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How will this work on my taxes next year>

1 Comment
  1. Reply
    Dan H
    September 4, 2012 at 11:54 am

    You would owe taxes on any capital gains less certain expenses. Capital gains would be the sale price less the purchase price less any allowed expenses. If you had no capital gains, then there would be no tax.

    You can ask a CPA that question before you sell your house. You will have to pay them for their time, but it might be a good idea anyway and a well spent 50 or 100 bucks.

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