I was recently asked if the sale of a primary residence would result in a taxable capital gain. Of course, the answer is not a simple yes or no. How long have you lived in the home, how much gain are you considering and what were the circumstances of the sale? All of these items could determine whether you have a tax obligation or not. Realty Times, an online trade periodical, has an excellent article about this subject. CLICK HERE to read the article.
If you have questions regarding taxes on your property, contact Lake Barkley Realty for a local professional who can assist with your questions.