Profile picture for TX210

aprox how much will i have to pay in taxes

If i buy a home for 35,000 and sell it for 50,000-55,000 aprox how much will i have to pay in taxes and when will i have to pay im new to the whole buying and flipping homes ,,,also how long before i can sell it ????Thanks in advance.
  • August 11 2011 - San Antonio
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (1)

Profile picture for wetdawgs
If a property has been your primary residence for 2 of the last five years, then you can have up to $250,000 capital gains for a single person and $500,000 for a married couple (if primary residence for both for 2 of the last five years) without taxes.

If you buy a house for $35,000 and sell for $50,000 without living in it for 2 of the last five years, you'll have to calculate your cost basis  ($35 + capital improvements + transaction costs)  and pay capital gains taxes on the difference between selling price and cost basis.

  • August 11 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.