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how does capital gain take affect on buyer? does the seller have to hold money on escrow?

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April 16 2013 - Brooklyn
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Answers (5)

The seller will have to pay the capital gains tax when they file their next yearly taxes if they have not lived in the home for 2 out of the last 5 years. If the home has been claimed as a rental I would suggest they speak to their accountant because there will be more involved.
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October 15 2013
The capital gain tax only relates to the seller. It is allied to the "gain"' profit that a seller receives above their basis and applicable exemptions. If you would like to discuss the matter further, don't hesitate to call.
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October 13 2013
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I believe the answer to your direct question is...

"Capital gains have no impact on the buyer. It is a tax issue for the seller."

Here is a short IRS explanation on the topic of capital gains.

This is another IRS explanation on possible exclusions if the capital gain is realized on the sale of a primary residence,
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April 26 2013
Capital gains is the tax that the seller pays on the profit of selling his or her house.
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April 26 2013
Capital Gain is what the Seller profits when they sell their home (after paying closing costs and paying off the existing mortgage.) At close the profit goes directly to the seller.
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April 26 2013
 
Related Questions
how does capital gain take affect on buyer? does the seller have to hold money on escrow?
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Latest answer by Lisa Garmon
October 15 2013 | 5 answers
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