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sold property/taxes

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MIgirl Guest	Posted: Mon Feb 14, 2011 2:00 am    Post subject: sold property/taxes Like 0 Dislike 0 I sold my condo, and the total "profit" I ended up with was about $3000.00. Do I have to report this as income when I get my taxes done? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Mon Feb 14, 2011 2:43 am    Post subject: Like 0 Dislike 0 Hi MIgirl, You will have to report the profit to the IRS when you file your tax returns. You will be liable for paying capital gains taxes on the amount you receive as profit. Thanks, Jerry
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Mon Feb 14, 2011 2:28 pm    Post subject: Sold Like 0 Dislike 0 If the condo was your primary residence, no reporting and no taxes. Everyone has $500,000 profit exclusion on sale of primary residence _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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