Ask Experts Questions for FREE Help !
    dacowboys's Avatar
    dacowboys Posts: 1, Reputation: 1
    New Member

    Jul 20, 2007, 09:20 AM
    House sale profit
    My wife and I are expecting to make a decent profit from the sale of our 1st house. We are separating so we will not be buying another house anytime soon. What kind of taxes/penalties should we expect to pay in order to pay off bills, split the profits, etc?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,834, Reputation: 846
    Senior Tax Expert

    Jul 20, 2007, 12:48 PM
    There should be NO taxes and NO penalties.

    In 1997, our beloved Congress changed the tax laws and made any profit (up to $500,000 for a married couple) made on the sale of a personal residence TAX-FREE.

    You do not even have to report the sale on your tax return.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,834, Reputation: 846
    Senior Tax Expert

    Jul 20, 2007, 12:57 PM
    That's England; this is the U.S. tax law.

    If you are sending this from England, all bets are off, as my expertise is for U.S. tax law ONLY!

Not your question? Ask your question View similar questions


Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.

Check out some similar questions!

Different size down payments-splitting house sale proceeds -- VA [ 4 Answers ]

My (former) girlfriend and I are joint owners of a house in VA. I made a much larger down payment, but the title/deed does not specify unequal ownership. The relationship is now so unpleasant that I want to sell it, probably at a loss. How will the (losing) sale proceeds be split between us,...

Landlord putting house up for sale before end of lease [ 8 Answers ]

I entered a 1-year lease on 3/1/2007. I was informed by a realtor on 6/4/07 that the house was going up for sale but not to worry, it might take months for it to sell... Can a landlord do this? Even if the house takes a year to sell, how about my right to enjoy a quiet environment (for sale...

No Lien, but can creditors come after house sale proceeds? [ 10 Answers ]

Hi- hope someone can help. Can't get a straight answer from my lawyer! My mother passed in 2004 with a large $20,000 hospital bill. They did drain their savings to pay about 25,000 of it! My dad had been making payments on the balance until he got sick. My dad died last March. He willed the...

Locating record of house sale from 20 years ago [ 3 Answers ]

I sold a house more than 20 years ago, and since then have lost the papers from the house sale in a family tragedy. I have need to recover these house sale papers to prove I was previously a home owner. From which office could I recover these papers proving that I sold the house? The real estate...

Enrichment? House sale [ 1 Answers ]

My perents got a legal separation and so that my mother can live by herself she they are about to sell a 5 familly house in brooklyn. They bought this house about 10 years ago and for the past 7 we have owned it but have rented out the apartaments and have not lived in it ourselves. We own and have...

View more questions Search