How much is property gains tax and when do you pay it? | Finance ...

Question by OuiOuiChica17 : How much is property gains tax and when do you pay it
I?m a first-time homeowner, and I?m going to sell my primary residence less than 1 year from when I bought it. How do I know how much my property gains tax will be? When do I pay the tax? At closing or when I sell at a Certain Time of the Year? Best answer:

Answer by Judy
The amount of tax will depend on your gain on the house, and on your total income for the year. Since you?ll be selling it within one year after buying it, any gain will be short-term would have it be taxed as ordinary income, at the same rate Which means as that amount would be in wages, except that you will not pay social security and medicare on it.The tax will be due when you file your income tax return for the year. If you have a large gain, you should make an estimated payment, using form 1040ES, when you sell it.

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Source: http://www.lovefinanceinfo.com/2012/03/how-much-is-property-gains-tax-and-when-do-you-pay-it/?utm_source=rss&utm_medium=rss&utm_campaign=how-much-is-property-gains-tax-and-when-do-you-pay-it

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