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judylh49 · Joined: 21 Mar 2008 Posts: 1 1.02 Dollars($)

Where do I look to find the laws in regards to paying taxes for a first time selling of a home or if there is a way that a person may be exempt from those taxes?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi judylh,

Welcome to the forum.

After selling the property if you profit any amount then you will have pay capital gain tax. But you can get capital gain tax exemption on the sale profit for up to $250,000.

Check put the Capital gain tax exemption limit at http://www.mortgagefit.com/know-how/capitalgainstax.html#14089

Feel free if you have any further questions.

Best of luck,
Larry

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