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There is a tax on the amount of profit you make on the sale of a home - sale price less the original purchase price. However there are some exemption rules if the home is your primary residence. Definitely consult with a tax professional to make sure you are taking advantage of all of the exemptions.
It is a fairly broad rule, with fairly easy to meet qualifications (lived in for the last several years, etc) that make the sale exempt.
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What if you have no money to pay your taxes?
You are legally required to pay taxes. Taxes are only due on money you have earned therefore if you owe taxes you have had the money. If you do not pay the taxes you owe you will be sent to court and made to pay - even if you go to prison you will still owe the tax man.
Do you have to pay taxes on estate money received?
Yes, you will have to pay taxes on any estate money received.
Do republicans pay taxes?
No they raise money on taxes
Do you have to pay inherit taxes on money willed to you in NC?
If you inherit money willed to you in the state of North Carolina, you must pay taxes on the money. Inheritance taxes are more than regular employee taxes.
Do nuns pay taxes?
No They do not make money and so they do not have to pay taxes. All of there needs are satisfied by the church.
Do I have to pay taxes on my stock options?
Employees may or may not have to pay taxes on their stock options. According to Smart Money, employees have to pay taxes for stocks they choose to sell.
Would you pay taxes on candles you make in your home?
Only if you sell them.
Can an executor sell a family home that has to be shared and shared alike by 6 siblings?
Yes, the executor may sell the home. The money would be used to pay debts and taxes. The remainder would be divided according to the will.
How do you make money in cities XL 2011?
Make industries to sell and pay taxes...
Will I have to pay a capital gain's tax on my home if I sell it?
No unless that is yours and the buyers agreement they might have you pay taxes or they won't move in and if they do pay taxes you won't have to worry about them.
Who used money in ancient rome?
Money was used by everybody. It was needed to buy and sell goods, buy food pay the rent and pay the taxes.
Do you have to pay taxes on stocks?
You have to pay taxes on the profits when you sell or otherwise dispose of the stocks. You also have to pay taxes on dividends.
What kind of taxes does one have to pay when you sell your home?
You will find a lot of information about taxes regarding the sale of your home on the IRS website. They will be able to guide you in what forms you need to fill out before you sell your home to make sure that you do not get in any trouble with the them.
Do you have to pay capital gains taxes when you sell a house?
If you had the home as your primary residence within the past 2 years, you will not have the pay the taxes. This is as long as you did not gain more than $250,000 from the sale.Ê
What if you have no money to pay your taxes?
You are legally required to pay taxes. Taxes are only due on money you have earned therefore if you owe taxes you have had the money. If you do not pay the taxes you owe you will be sent to court and made to pay - even if you go to prison you will still owe the tax man.
Net Income?
Is the take-home pay; it is the amount of money received after taxes and deductions have been taken out of gross pay.
Do you have to pay income tax on a home equity loan?
I don't believe you do. You will pay income taxes when you sell the house--this is called capital gains.
