After you sell your home, there may be additional fees that you hadn’t noticed. Don’t be caught unaware by these- instead, know what taxes you need to pay after you sell your home in Stockton. Here’s a list of what you need to watch for, and the best way to sell your house with them in mind!
Capital Taxes
These can be easily some of the sneakiest taxes that you have to pay when selling a house. If you haven’t technically lived in your house- that is, listed it as your primary space of residence- for two of the last five years, you have to pay up to 20% taxes on the profit you earn from your home. You can get around this, though, by living in the house for two years. That makes the first $250,000 of your profit officially non-taxable, and if you’re married, it makes the first $500,000 non-taxable.
Property Taxes
You also need to pay property taxes after you sell your home in Sacramento! Your mortgage lender might do this for you, though, and you’ll just see this on the bill they send after the sale is complete. Property taxes are calculated twice a year, so what you pay when you sell a house will be based in what you would’ve paid after living there six months. If you only lived there for four months before you had to pay taxes again, you only have to pay 4/6 (or 2/3) of what your property taxes would have otherwise been.
Title Fees
After selling your home in Sacramento, you also need to pay title fees, which are based on how much your home is worth. Throughout the entire country, this averages to about $745 per sale, but can go higher or lower depending on where you’re living.
Selling Your Home With Taxes
It can be difficult selling a home, but it’s even more difficult when the government sneaks in fees that you might not have accounted for. Instead, these three little notes can help you earn more when selling you home, and not be taken advantage of if you don’t know the rules.
Looking to sell your home fast for cash? We can help. Give us a call today to learn more.