Look at your closing documents including the HUD-1. The state of Georgia does not have any type of tax on the sale of a personal residence.
Your gain on the sale of a personal residence is the Sales Price minus the Adjusted Basis (Purchase price plus the cost of improvements) minus the sales expenses.
Where on the HUD-1 is this 3% shown? How did the attorney arrive at the $79,000 gain? Have you got an explanation from the attorney?
