When selling a house, how much of the profit can you keep?

Re: When selling a house, how much of the profit can you keep?

feeds@yuku.com (bluegrass60062) — Thu, 02 Jul 2009 19:11:23 GMT

seems like it would depend so much on how of a profit (if any) you actually sell it for. If a lot of the closing costs are based on the total selling price (e.g. 6% to jbcox on $300,000 is $18,000 right there) that's gonna make a difference if you can only sell it for $210,000.

and these days, it seems dangerous to assume you'll sell be able to sell for more than you paid.

Re: When selling a house, how much of the profit can you keep?

feeds@yuku.com (lacheysgurl) — Thu, 02 Jul 2009 19:07:21 GMT

keep in mind sometimes it's hard to sell a condo unless it's in really good shape....

Re: When selling a house, how much of the profit can you keep?

feeds@yuku.com (syncdafied) — Thu, 02 Jul 2009 19:05:05 GMT

I don't have a story or any other details to add. I'm buying a condo, and selling won't be on my mind for at least half a decade.

So I was just wondering approximately how much one gets to keep when selling property.

Is it common for it to be 25% or less of the profit? Half? 75% or more?

I'm not expecting a precise, accurate number. Just saying which quartile it's usually in would be more than helpful.

Re: When selling a house, how much of the profit can you keep?

feeds@yuku.com (jbcox2002) — Thu, 02 Jul 2009 18:41:32 GMT

syncdafied wrote:
Would you say you'd get to keep half? More than half? More than 75%?

No way to say without knowing the full story/situation. It isn't standard and can vary drastically

Re: When selling a house, how much of the profit can you keep?

feeds@yuku.com (bigredmunkeebutt) — Thu, 02 Jul 2009 18:41:26 GMT

I could be wrong, but I think that as long as you use 20% of the profit as a down payment on another primary residence within the next 2 years, you don't have to pay any capitol gains tax.

Re: When selling a house, how much of the profit can you keep?

feeds@yuku.com (jbcox2002) — Thu, 02 Jul 2009 18:40:24 GMT

There are a lot of factors to consider.... you usually have to pay taxes on the profit you make, however there are a lot of "loop holes" you can use if you lived in the home yourself. I'd talk to a tax adviser

And as someone else said you have closing costs to pay which may or may not include the buyers closing costs (depending on the accepted offer) and then the real estate commissions. There is no such standard commission (actually illegal)

I have seen...

Re: When selling a house, how much of the profit can you keep?

feeds@yuku.com (syncdafied) — Thu, 02 Jul 2009 18:37:27 GMT

Would you say you'd get to keep half? More than half? More than 75%?

Re: When selling a house, how much of the profit can you keep?

feeds@yuku.com (forever121young) — Thu, 02 Jul 2009 18:35:34 GMT

I believe it's about 5% to the agent (depending on the contract). The profit is probably considered income and would be taxed as such.

Re: When selling a house, how much of the profit can you keep?

feeds@yuku.com (lacheysgurl) — Thu, 02 Jul 2009 18:35:04 GMT

it really depends....you will have to pay closing costs, taxes and broker fees. It's really hard to say....

When selling a house, how much of the profit can you keep?

feeds@yuku.com (syncdafied) — Thu, 02 Jul 2009 18:33:41 GMT

Say you bought a house for $200,000 and sold two years later for $300,000. I'm wondering how much of the $100,000 profit do you actually get to keep. I'm sure some has to go to taxes, the agents, etc. but I have no idea what the standard percentages are. Of course any number you give would be an approximation but any sort of ballpark figure would be very helpful.