What will my net total be after selling my house?

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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

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 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.


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