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I own a house in MN. I want to sell.Do I pay capital gain Tax?Also

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if I lived in it...
I own a house in MN. I want to sell.Do I pay capital gain Tax?Also if I lived in it for a year, then would I pay capital gain tax or not? Thanks Tim
Submitted: 4 years ago.Category: Tax
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Answered in 1 minute by:
6/1/2013
Tax Professional: Robin D., Senior Tax Advisor 4 replied 4 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,871
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D :

Hello and thank you for using Just Answer,
Unfortunately you would pay tax on any gain form the sale unless the property was your main home for 2 out of the last 5 years prior to the sale.

Robin D :

The gain would be the difference in the cost (plus improvements) and the sales price (less cost to sale).

Robin D :

Minnesota includes all net capital gains income in taxable income and subjects it
to the same tax rates as apply to other income.

Robin D :

Please let me know before you rate if you have any further info to add to your question.

Robin D :

The system says yo are offline but will advise me when you come back to view or leave another post.

JACUSTOMER-pdkbt7ue- :

Thanks I understand,have a nice day Tim

Robin D :

You are most welcome

Robin D :

Your positive rating is always thanks enough.

If you could also participate in the very short survey that Just Answer will send you by e-mail I would appreciate that very much.
I really enjoyed working with you – please feel free to request me again when you come back to ask another question.

Robin D :

When you visit your question homepage, you’ll see a link to request me again. This link displays and works whether I am online or offline.

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Robin D.
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Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,871
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