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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.
Normally, buyers have to pay a state tax on the full dollar figure of any mortgage, known as a mortgage recording tax. With a CEMA, however, a buyer is only required to pay the tax on the so-called new money, the funds that they borrow from the bank, and not the portion that they take on from the seller. For instance, if you're buying a $1 million dollar property and taking out an $800,000 mortgage, you'd be taxed on the full amount of the loan at a rate of 1.925 percent, totaling $15,400.