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Before selling a home in San Antonio, you need to understand the tax implications. As you might know, Texas is a tax-free state with no state-level income taxes. But that doesn’t mean you’re free from all tax obligations. There’s the federal capital gains tax to pay when you sell your home. Continue reading as we explore the taxation rules when selling a home in San Antonio. We promise to keep it jargon-free so that you can easily understand all the vital elements of taxes for selling a home. Should I Pay Taxes When Selling My Home in San Antonio, TX? You must pay the capital gains tax if you make a profit while selling your home. The capital gains tax is levied on the difference between the lower purchase price and the higher selling price. Capital gains tax is levied on properties you’ve held for over a year. The reason behind the capital gains tax is that when you sell something for a profit, it’s treated as a commercial transaction, and you’re ... Continue reading →
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