General Area in Philadelphia>Question Details

Kerrie, Home Seller in Philadelphia, PA

how much capital gains tax do I have to pay sold residential property for 144,000 and purchased at 81,000 and?

Asked by Kerrie, Philadelphia, PA Wed Dec 26, 2007

balance is 73,000 in philadelphia pa, not purchasing another property

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Was this your primary residence for 2 or more of the last five years? If it was I can not think of a reason that you would owe.

If it was not your primary residence for 2 of the last 5 years, it will depend on how long you owned the property. This will determine weather you are pay long-term or short-term Capital Gains.

I nice profit like that proves that you are wise enough to consult a tax professional to get the rest of the story.
0 votes Thank Flag Link Wed Dec 26, 2007
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