What will my net total be after selling my house?

UPDATED: Oct 1, 2022

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What will my net total be after selling my house?

I’m selling my house in California my tax
bracket is 10 and have owned the property
less than a year and state tax is 13.3 in
California I wanted to know how much would I
have left after all the taxes the house is priced
at 25,000,000 there’s also these capital gain
tax calculator and it give all kinds of answers
so I am confused

Asked on August 4, 2018 under Real Estate Law, California


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Capital gains is very complicated, since it depends on your "basis" in the house, which is a factor of what you paid for it and certain renovations to or investments in the home you make, which increase the basis. Essentially and to oversimplify, capital gains is what you actually realize on the home less the basis; that is the amount taxed as capital gains. Additional complications include that the proceeds from a home are treated differently if your roll them into buying a new home vs. pocket the money. If you have a $25,000,000 home to sell as you write, it would be well worth your time to consult with a CPA about your taxes and how to minimize them.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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