answersLogoWhite

0


Best Answer

It's treated as capital gains; you only pay tax on the profit (the amount you sold it for, minus the amount you paid for it plus any improvements you made). "How much" varies, if you can't figure it out, you should probably consult a tax professional.

User Avatar

Wiki User

12y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: How much tax to be paid on property sold?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

What is tax lien on title?

A tax lien is recorded by the IRS, the state department of revenue or the town when the property owner is delinquent on payment of some type of taxes. The property cannot be sold or refinanced until the tax lien is paid.


How can you determine how much property tax you paid on your car for 2012?

Check with your county's tax revenue department or other department that handles local property taxes.


If property is being sold for back taxes in a couple days and someone else finds out goes to courthouse pays all the back taxes due on the property because owners did not want the property. who owns?

Typically, if the back taxes are paid by anyone before the tax sale, ownership of the property does not change. If there was a written agreement between the owners and the person who paid the taxes that stated that the owners agreed to deed the property to the tax-payer after the tax-payer paid the taxes, then the agreement could be enforced as a legally binding contract and the owners could be forced to deed the property to the tax-payer. However, the owners remain the owners until they deed the property to someone else or until the property is sold at a tax sale or other type of foreclosure.


What happens to a tax lien on a property lost in foreclosure?

Tax liens are not wiped out by a foreclosure. They must be paid in order to clear the title to the property so that it can be sold. If the lender has to pay them it will add that amount to the amount you owe.


When do you pay capital gain tax on house you sold?

In Canada you pay the capital gains only on investment properties that are sold and it's paid with your income taxes (so you may have a income tax balance due when you file your taxes, for the year the property was sold).


What is the law about property taxes and when are they due to be paid?

Generally: The law is that if your property taxes are not paid on time a penalty or interest begins to accrue. IF the default continues the government can take possession of the property by a tax taking and foreclosure procedure. Your land can then be sold to a new owner.


What type of tax is usually paid to the country treasurer?

property tax


Can a tax lien be assumed by the buyer of a property in Ohio?

Tax liens must be paid before title to the property is transferred. The purpose of a tax lien is to prevent the property from being transferred before the lien is paid.


When you have a mortgage,Is the property tax included ?

The property tax is paid separately. However, if you own a co-op the property tax may be included as part of your maintenance fee.


Do you have to pay capital gains taxes on an inherited property that was sold and inheritance taxes were already paid on the estate?

On the amount the property went up in value from the value used in calculating the estate tax


Is sales tax paid on an auto when it is sold person to person?

Yes it is. Sales tax is paid when you transfer the vehicle ownership.


Is a property tax bill same as rent bill?

Rent bill is for the lease or rent to live in an apartment or house and is paid by the person living there. A property tax bill is for taxes on the property and is paid by the owner.