Posted on: 14th Feb, 2011 01:00 am
I sold my condo, and the total "profit" I ended up with was about $3000.00. Do I have to report this as income when I get my taxes done?
Hi MIgirl,
You will have to report the profit to the IRS when you file your tax returns. You will be liable for paying capital gains taxes on the amount you receive as profit.
Thanks,
Jerry
You will have to report the profit to the IRS when you file your tax returns. You will be liable for paying capital gains taxes on the amount you receive as profit.
Thanks,
Jerry
If the condo was your primary residence, no reporting and no taxes. Everyone has $500,000 profit exclusion on sale of primary residence
