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When an ordinary person sells their house in the US, what happens to their tax situation? Usually, houses sell for half a million and up, and considering also regular (ie. salary) income, this woul...
#2: Post edited
by
matthewsnyder
·
2023-07-26T19:34:31Z (over 1 year ago)
Selling a house - what about income tax?
- Income tax when selling a house
#1: Initial revision
by
matthewsnyder
·
2023-07-26T18:15:03Z (over 1 year ago)
Selling a house - what about income tax?
When an ordinary person sells their house in the US, what happens to their tax situation? Usually, houses sell for half a million and up, and considering also regular (ie. salary) income, this would put one's income at a very high level for that year. Since the government taxes around 40% at higher brackets, does that mean that when you sell your house the government takes ~30-40% of that money?