Selling a house is always an exciting development for many homeowners because of the expected profit from the sale. The sheer joy at the promise of profiting off your home sale shouldn’t cloud the fact that taxes can impact a considerable reduction in profit.
Therefore, understanding the taxes required for home sales is necessary knowledge for homeowners. This article discusses how much you’re expected to pay in taxes when you sell a house:
1. Property Taxes
Property taxes are annual deductible taxes determined by states. States differ in their approach to property taxes, but the cost tends to range between 0.18–1.89%