Taxes on Selling a House in Pennsylvania

By the time you finish selling your home, you’ll likely have paid more than just the purchase price of a moving truck. There are closing costs, real estate commissions, and a few other expenses that can chip away at your proceeds. Taxes on selling a house in Pennsylvania can also play a role in how much money you take home at the end of the sale. The amount you owe depends on factors like your profit, how long you’ve owned the home, and whether you qualify for any tax breaks. A little planning now can save you from unexpected costs later. What is Your Pennsylvania Home Worth? Get a near-instant real estate house price estimate from HomeLight for free. Our tool analyzes the records of recently sold homes near you, your home’s last sale price, and other market trends to provide a preliminary range of value in under two minutes. Capital gains tax You’ve likely heard the term “capital gains tax,” but what is it? When you sell a capital asset, like a house, car, or even investments such as stocks or bonds, any profit you make from the sale is generally considered a capital gain. In most cases, your home is the biggest capital asset you’ll ever own, but things like artwork and other valu...