Do I pay tax when selling my house?
Are you concerned about the capital gains tax bill and implications when selling your house? Selling a house can be a process. It’s important to understand the taxes. From capital gains tax to stamp duty to tax free estate agents fees and solicitor fees, there are factors to consider when selling a property.
So do you have to pay taxes when selling your house? The answer depends on whether its your residence, business premises or if you are buying and selling to make profit. If it is your home then capital gains tax will not apply, but on the other hand, if you are buying and selling property as a business, then capital gains tax may well apply. But there are other taxes and expenses to consider, such as whether you pay inheritance tax and these really shouldn’t be ignored.
Confused? In this article, we will thoroughly examine all the taxation laws. Explain them in simple terms so that you can ensure a smooth sale of your home.