Selling your home comes with numerous costs like moving fees, solicitor fees, estate agent fees, and other costs. Also, most people sell their homes to use the proceeds to embark on another project such as buying a new home. So having a clear knowledge of the cost of moving is critical to figuring out what your new budget is.
Most homeowners ask one common question, which is do you have to pay tax when selling a house? The two types of taxes that are closely related to buying and selling houses include capital gains tax and stamp duty and you don’t have to tax these taxes when selling your main home.
Continue reading for more elucidation:
Tax on selling the home you live in
Capital gain tax does not apply to your main home ( as in your primary residence) so you don’t have to pay capital gain tax when selling your main home. However, if you own more than one home, you’ll have to decide which one will be your main home. But if your situation is that you have just one home, then you’re not obliged to pay capital gain tax.
Tax on second homes and buy to let properties
If you have other homes apart from your primary residence, there’s every possibility that you’ll have to pay capital gains tax when you sell your house. Most people that own more than one property usually choose the most valuable property as their main home; this will enable them to save more.
There are some reasons why you won’t be able to benefit from primary residence relief: if you use your property for business, if you bought the home to renovate it, if you’ve given some parts of the house out for rent, then you’ll have to pay capital gain tax when selling your house.
Buying and selling at the same time
Stamp duty is another important tax to pay when it comes to buying and selling houses. Technically, you don’t pay stamp duty when you’re selling your house, as it is usually paid by the buyer. However, if you’ll be selling your house so you can buy a new one, you need to prepare to pay for stamp duty.
Stamp duty is determined by the value of the home so if you want to buy a house after selling your house, you need to prepare to pay stamp duty. But if you’re not going to buy another house or property after selling your house, you’re not obliged to pay stamp duty.
How to “sell my house fast in Las Vegas?”
Selling your home comes with a lot of stress and hassles so if you’ve decided to put your home up for sale, you’re better off selling it to the best option available.
At Alex Buys Vegas Houses, “we buy houses Las Vegas” at a fair cash price. There are other benefits of selling your house to us at Alex Buys Vegas Houses which include no renovations or repairs because we will buy your house as-is.
If you’re looking to “sell my house fast in Las Vegas”, we at Alex Buys Vegas Houses are your best option. We are “cash home buyers Las Vegas” and we can buy your house fast and at the best prices.
Contact us today for more inquiries about our services!