- Jan 8, 2011
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LOL.We're talking about capitol gain taxes from the sale of real estate. You said you don't pay taxes on that and to ask you why. I did, and your only answer is... states may have taxes, but we're talking about federal?States may have taxes, but we are talking about federal.Is it the same in every state?Capital gains taxes do not apply to the sale of private residences. Exception being very expensive residences. The tax applies to rental real estate. Ask me how I know?How's that?You will NOT be subject to capital gains taxes on the sale of you private residence. You will pay no taxes.
Do you pay taxes on the sale of real estate or not, state or federal, you sounded like you knew.
Not in my state. Sorry but I am not a tax accountant. There are 50;states you know?
There is a distinction between real estate you call home and real estate you own and rent to others.