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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.
At the closing of a home sale, a buyer will usually have to pay some money for property taxes. She doesn't pay the government, however, because the government has already collected its money from the property for the current tax period. It got that money from the previous homeowner--the seller.ettlement. At closing, the buyer reimburses the seller for the property taxes that have already been paid for the period starting from the date of sale to the end of the tax period. The buyer in the example above would thus have to pay the seller $746.68 as part of the settlement.