Home Selling in 08731>Question Details

Erick, Home Buyer in Hamburg, PA

I live and New Jersey and want to move to PA. I have lived in my house for 14 months. Will I face any tax problems or any other problems selling?

Asked by Erick, Hamburg, PA Tue Jul 16, 2013

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3
Andrew Tisellano, Broker/Assoc’s answer
Taxes are not a problem just an expense.
If you are selling it for more than you purchased it then you will have to pay taxes on the gains.
The only other tax is the transfer fee tax which is less than 1% of the selling price and is paid at the closing table.
0 votes Thank Flag Link Wed Jul 17, 2013
Taxes/expenses are a problem for most, I think anyway. I have a FHA loan. I just need to know what expenses I will run into with trying to sell my house before the 2 years is up. I had read something saying that married couples can exclude 500,000 gain from taxes if I live in the house for 2 years. but if I leave early I can still exclude gain depending on how many months I live there. I guess the transfer Tax is The other expense I need to worry about. I just need to know I wont need to bring money to the table and what I would need to sell my house for.
Flag Wed Jul 17, 2013
Hi Erick,

There is the realty transfer tax that you will have to pay, as does every other seller in NJ. I am wondering if you bought your house with a USDA mortgage, which does have some penalties for not carrying the loan long enough. I would like to help, but need a little more information. Please contact me and I will include a mortgage rep and an accountant to help advise you on your situation.
0 votes Thank Flag Link Wed Jul 17, 2013
Hi Erick!
What type of problems with taxes? Do you mean the realty transfer tax that you pay when you sell or do you mean a fee paid when moving out of state?
Where in NJ do you currently live?
0 votes Thank Flag Link Tue Jul 16, 2013
I live in Forked River NJ. I was under the impression that I could not sell my house if I didn't live there for 2 years because of some sort of fee or tax. I am trying to figure out what sort of taxes fees or penalties I may face If i sell early.
Flag Wed Jul 17, 2013
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