Tax that you pay when making a profit from selling a house is an example of everfi

A person has to pay capital gain tax when making a profit from selling a house.

Further Explanation:

Capital Gain Tax

Capital gain tax is a direct tax. It a on the capital gain earned at the time of the sales of fixed assets. Capital gain is the difference between the sales value and the purchase value of an asset. When the owner of an asset sells the asset in the market, and the sales price is higher than the purchase price, then the difference is known as a capital gain or profit. The government charges capital gain tax on the capital gain or profit. Capital gain tax varies from 0% to 20%. Capital gain tax differs from asset to asset.

Tax on the profit of sales of a house:

The tax on the profit of sales of a house is an example of capital gain tax.

House is a fixed asset. When the owner of the house sells, it then the profit on the sales of the house is capital gain. The government would charge capital gain tax on the capital gain (profit) earned on the sales of the land.

Thus, the taxpayer has to pay capital gain tax on the profit earned from the sales of the house.

Learn more:

1.Learn more about the property tax

2.Learn more about the excise tax

3.Learn more about the property tax

Answer details  

Grade       : High School

Subject     : Taxation

Chapter    : Capital Gain Tax

Keywords: Tax, pay, making, profit, selling, house, example, capital gain, tax, taxable, income, gain on sale.

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explanation:

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