Of course, some taxes need to be paid after you’re selling your house. And it highly depends on how much you’ve gained on that sale. But there are circumstances when you don’t need to pay taxes or pay only a minimal amount of it. The tax amount also depends on your family’s situation. If you’ve lived in the house for 2-5 years, the first $250,000 profit is actually tax-free. When the number rises, that’s when the taxes come in. Remember that the tax refers to profit, not income. So, after the cash is deducted with expenses, the net amount will be taxed afterwards.
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