In 2007 we sold our house that we lived in for ten years(our only property) and I am having difficulty determining if the proceeds are taxable. We owed about $ 100,000 on our mortgage and we sold the the house through a real estate agent for $180,000. We moved into a house that my father-in-law built and we had a lease option to buy. We had made a deposit on the house of thirty five thousand. We have since decided not to buy the house that we have the option on but have instead decided to invest in a house built elswhere in the future. Is the proceeds from the sale of the house taxable? Is it taxed on the total proceeds or the amount of the settlement after fees and commissions and buyer requested improvements(new roof)? Any help would much appreciated, thanks.
- posted
16 years ago