Taxes on Selling a House in Virginia

Selling a home isn’t just about finding a buyer and handing over the keys. It also comes with a few financial decisions along the way. After months of preparing your property and negotiating the deal, the last thing you want is to be caught off guard by unexpected expenses. That’s why it’s important to understand the taxes on selling a house in Virginia before finalizing your sale. What is Your Virginia 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. Some homeowners may owe taxes on their profits, while others may qualify for exclusions that reduce or eliminate what they owe. Here’s what you should know to make the most of your home sale. Capital gains tax You’ve likely heard the term “capital gains tax,” but what is it? When you sell a “capital asset,” which is something you own, such as a piece of real estate, that is not used for a business, any profits that the sale yields are considered capital gains. Capital assets most commonly include things like your home or...