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  1. #1

    dang taxes are high when selling a property!

    i still got to figure out the capital gains tax but just w/ the state tax of 3 percent, i'm paying $17K in taxes on a property!! ouch

  2. #2
    If a married couple, your capital gains tax would be very little if any, it's only on the gain over $500k. If you are single, $250k. Unless you were given the house free, or bought it in the 70s for $30,000, you should come out OK.

    Your state rate is high, though. Our excise tax when we sell will be .0128, so at current home value $700k, it's about $9,000. We are at almost exactly the $500k mark for capital gain, so will have to pay a bit if the value continues to go up over the next 3-4 years.

  3. #3
    what are the gains after the exclusion ?

  4. #4
    You're in washing ton state right? So the house is selling for roughly 1.3 million. What's your basis in the house?


  5. #5
    but the capital gains exclusion is only if you've lived in that property as your primary residence for the last 5 years, correct??

  6. #6
    If you bought your house for $500K and sold it for $900K, are married and have lived in it for two out of the last five years the capital gains exclusion is $500K. The example I used has you owing no federal capital gains tax since the increased is less than $500K.


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