If I Sell my New Hampshire Home Will I Owe Capital Gains Tax?
By Jim Lee, REALTOR, CRS, ABR, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
We hear questions like this one often these days.“I’m thinking of selling my home in Portsmouth, but the value has increased substantially since we bought it. Will we have to pay a lot of taxes if we sell?” The best answer is maybe…….or maybe not. There are several ways for you to keep some or all of your profits if your home’s value has increased.First, let’s be clear on what a capital gain is.A capital gain is the profit you receive when you sell your house and pay off any mortgages and selling expenses. Here’s how a capital gain on the sale of residential real estate is calculated: Calculate the Cost Basis: This is the original purchase price of the property, including any additional costs such as closing costs, legal fees, and real estate agent commissions...
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