SELLERS CLOSING COST
I am currently in the process of selling my house and I wanted to know how much I should expect to pay in closing costs? I would like to know exactly how much I will be paying. The selling price of the house is $385K. TX.
I am currently in the process of selling my house and I wanted to know how much I should expect to pay in closing costs?
I would like to know exactly how much I will be paying. The selling price of the house is $385K. TX.
Bessie is correct as to the gains tax
If your gains is </= to $250K if single, $500K married. The rules are at irs.gov.
Thanks for those replies: Dbedstuy, It is my understanding that I would not have to pay capital gain taxes if the property being sold was my primary residence (which I have lived in for four years) as oppose to an invester who buys and sells real estate for a living. Do I have this all wrong? Where could I site this law that addresses this?
Real Estate Transfer Tax: $1,540.00 (2.00 per 500)
Real Property Transfer Tax: $3,850 (based on the residentail house 1-2 family and purchase price less than 500K)
Also, if there is a mortgage payoff involved you will be responsible for paying the cost of recording of the SAT, which shouldn’t be more than 120.00 and the preparation of the Transfer Tax Forms.
I do prepare transfer tax forms for 75.00 if you are interested (karolina2570@optonline.net)
That should be it for you if it comes to the closing cost.
Sorry…I read too fast…but you should have an attorney to review any contract and he can tell you. As a seller, there are very few. You should be more concerned about the situation wrt the capital gains taxes.
Your lender and/or attorney should be providing those for you already