In most cases, there may be no additional income tax when a taxpayer sells their personal residence. However, there are a number of issues that surround the typical sale of the home that may require you to contact your tax professional for clarification. Here are a few tips for consideration:
Many of us focus on the Federal tax and forget the tax hit caused by the state tax. Here is an article with 10 states that are expensive in more ways than just the income tax.