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How Much Will Closing Cost Be.....

Posted by Kwamé Baker on April 23, 2012 at 3:50pm

Hi All,

Scenerio: lady has 3fam home that was paid off in 1985. Will capital gains taxes still be enforced at the sale of this property? How can I calculate them roughly? As I told her I would assist or pay her closing cost.

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  • Kwamé Baker April 27, 2012 at 9:08am

    Thanks Ibrahim...

  • Ibrahim Hughes April 23, 2012 at 5:48pm

    She should only have to pay legal fee ($750-900) and realty transfer fee which should only be a few (hundred) dollars. You can calculate that here: http://www.realstorynj.com/sellers/realty-transfer-fee-calculator .  There may also be open property tax liens and open charges (1st and 2nd quarter) as well as judgments.

    Shouldn't be a cap. gains IF it was her primary residence. But I'm no accountant so I would check with a CPA. He/she will likely tell you that it's impossible to calculate the tax w/o looking at her entire picture for the current tax year.

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