Nichole M. asked
I am a single filer selling my house for approximately $175k in net proceeds. I bought the house in September 2019 for $330k. I am also buying another house but not using all of the proceeds for a down payment; instead, I am using much of the proceeds to pay off credit cards and auto loans. What taxes will I need to prepare for in April 2023?
December 18th, 2023
Alejandra M. answered
When you sell your property, the gain is calculated as the selling price minus the adjusted basis. T...
December 18th, 2023
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