Posted on: 03rd Dec, 2008 02:35 pm
wanted to know when you sell a house is the profit you make off the property is that the sellers to keep
Hi jlynncoronado!
Welcome to forums!
Yes, the sellers of the property can keep the profit. However if there is a mortgage on the property, it will become due once you sell the property. So you can pay off the dues with that profit. Moreover, you should also keep in mind that if there is a profit from the sale of the property, you will have to pay taxes on that amount.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Yes, the sellers of the property can keep the profit. However if there is a mortgage on the property, it will become due once you sell the property. So you can pay off the dues with that profit. Moreover, you should also keep in mind that if there is a profit from the sale of the property, you will have to pay taxes on that amount.
Feel free to ask if you have further queries.
Sussane
capital gains tax rules on sale of primary residences have been relaxed over the years, so you'd probably not have any taxes due on the profits made, jlynn.
check with your tax advisor to be certain of these things.
check with your tax advisor to be certain of these things.
