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
Ryan Hellwege, , Dallas, TX
Tue Jan 29, 2013
BEST 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.
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Maria Cipoll…, Agent, Coral Springs, FL
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

http://www.Flahomespecialist.com
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