Selling a House – Will I pay tax?
When selling a house the most common question I get asked is will I pay tax on the sale of my house? Guess the answer, it depends! It depends on lots of circumstances such as is it a primary residence? How long have you lived in the home? Is it an investment property or rental? Was the home used in a trade or business? What was the cost of the home? Did you make any improvements? What are your selling costs?
As you can tell there are lots of variables so when in doubt ask a CPA or other tax professional for specifics on your particular circumstance