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You will pay taxes on a home sale on amounts of gain in excess of the excludable amount. This type of gain will be taxed at the capital gains tax rate. If youâve owned the home less than one year, any gain over the excludable amount will be taxed at a rate that will be the same as your ordinary income tax rate.
The remaining $251 ($752 paid less $501 deduction) of taxes paid in 2015, along with the $680 paid in 2014, is added to the cost of their new home. Because the taxes up to the date of sale are considered paid by the seller on the date of sale, the seller is entitled to a 2014 tax deduction of $931.n January 2015, the Browns receive their 2014 property tax statement for $752, which they will pay in 2015. The Browns owned their new home during the 2014 real property tax year for 243 days (May 3 to December 31). They will figure their 2015 deduction for taxes as follows.