How Much Will I Take Home After Selling My House

When you make money from the sale of your home the irs typically lets home sellers keep the first 250 000 they earn from the sale of the house.

How much will i take home after selling my house. There are fees also known as closing costs that come with selling a home. The commission is determined by taking the percentage and multiplying by the estimated home sale price. In most home sales this will be split evenly between the two agents.

Expect to spend 8 to 10 of the sale price on closing costs. If you re early in the process and aren t yet sure what you can sell your house for request a zillow offer. Your total take home would be 229 150.

Let s break it down. As the seller of your home you are bound to face a parade of taxes commissions and other fees that could cost 4 to 7 after selling your home. Let s say the final price of your home is 250 000 and your costs add up close to the national average of around 20 850.

For a home selling at the median u s. Your outstanding mortgage balance. If you sell your house for 400 000 but pay 25 000 in commissions and closing costs your net proceeds are 375 000.

Home sale price of 230 100 that s between 17 000 and 22 000. If you have lived in the home for the past 2 years and meet the other requirements you will not pay tax on this gain. Closing costs depend on the location of your property and each cost can be a flat fee or a percentage of your home sale price.

Real estate agent commission the fee charged by both your real estate agent and the buyer s agent typically amounts to 5 6 of the home sale price. There are thorough lists of expenses that you can and cannot include in your. In most locations this is split equally between your agent and the buyer s agent.