Do I have to pay capitol gains if I only own one property and I sell it?
submitted by Mario

Rob Brenbow

Yes, generally you will have to pay capital gains tax on the profit from selling your property, unless you qualify for an exclusion like the primary residence exemption in certain countries (like the US). It's important to consider the gain amount, your holding period, and any applicable deductions.

Jimmy Dean

If you sell just one property and it's not your main home, then you might have to pay capital gains tax on the profit. But if it was your primary residence, you might be exempt from paying taxes on the gain. You should probably ask an accountant before going ahead with whatever you do.

Xert

From an accounting perspective, capital gains tax is payable when the sale of a property results in a profit, calculated as the selling price minus the adjusted basis. If it's a personal residence and meets certain criteria, you may benefit from exclusions. Otherwise, the gain is taxable. You've got to check with a professional to see if you're exempt.

RealEstateRob

I think you only pay capital gains tax if you make a profit when selling your property. If it's your main home, you might be able to avoid taxes on the gain, but if not, then yes, you probably need to pay.

shrekknows

Do you live there? In most jurisdictions, capital gains tax applies when you sell a property at a profit. The key factors are whether it's classified as a primary residence, which may qualify for exclusions, or an investment property, which would typically be taxable.

didntsayit

Yes, generally the sale of a property that results in a gain is subject to capital gains. The exception, as others have noted is the principal residence exemption. The tax is calculated on the difference between the sale price and your adjusted basis, considering any improvements and allowable expenses.

ShimminyKnickits

Others have already mentioned it, but it depends on if you live there or not.

If you only own and sell one house, you probably have to pay taxes on any profit you make from it, unless you live there.