Home Selling in Cook County>Question Details

Ye Tian, Home Owner in Cook County, IL

How's the tax collected on home selling

Asked by Ye Tian, Cook County, IL Tue Jan 29, 2013

Just made up numbers. If I purchased a property in 2009 for 50k, put in 10k for maintenance, and sold it for 70k, which portion, or all of the 70k would be taxable?

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Ryan Hellwege’s answer
If it is owner occupied and you have lived in the home 3 out of the last 5 years you would have no tax liability. If it is a investment property - you would have a tax liability of the differnce of what you bought the home for and what you sold it for- minus any documented maintenance of the home. Best adice is to talk with your tax professional.
1 vote Thank Flag Link Tue Jan 29, 2013
It is crucial that you ask for advice to your CPA. He/she have all the financing information that they need in order to get an answer more accurate.

Best of Luck,

Maria Cipollone

Century 21 Tenace

0 votes Thank Flag Link Tue Jan 29, 2013
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