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Seller Tax Issues

California Mortgage & Home Equity Loans, Co.

You’re selling a house and your going to sell it for more than you owe. Tax wise, what does this mean? Will this hurt you or will you be able to benefit from the capital gains. Well you may be surprised to find out that you may not have a to pay taxes on those capital gains, you may actually be relieved from paying taxes. All of this relies on your tax professional, his advice and if….

  • You owned and lived in the house as your primary home for at least 2 out of the last 5 years.
  • Your gain was less than $250,000 (or $500,000 married filing jointly).
  • You’ve not sold another primary residence in the past 2 years before the sale.
  • You have not depreciated your home while using it in a business or rental activity.
  • If you do not meet any the above conditions, then you may have to pay taxes on part of your capital gain.
    Continue reading for more information on “Tax Issues” that you will need to know about in order to be better prepared for a California Mortgage Loan!

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